Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Companies / News/  FedEx announces $100 million investment in logistics firm Delhivery
BackBack

FedEx announces $100 million investment in logistics firm Delhivery

FedEx Express India and Delhivery also entered into equity and commercial agreements that will utilize their combined strengths to unlock India’s international trade potential, said a staement

Don Colleran, President and CEO of FedEx Express will be nominated to join the Delhivery Board of DirectorsPremium
Don Colleran, President and CEO of FedEx Express will be nominated to join the Delhivery Board of Directors

One of world's largest transportation company FedEx Express, a subsidiary of FedEx Corp has today announced an investment of $100 million in Delhivery, a leading logistics and supply chain services company in India.

As part of the collaboration, FedEx will make a US$100 million equity investment in Delhivery, and the companies will enter into a long-term commercial agreement. FedEx Express will focus on international export and import services to and from India, and Delhivery will, in addition to FedEx, sell FedEx Express international products and services in the India market and provide pick-up and delivery services across India. FedEx will transfer certain assets pertaining to its domestic business in India to Delhivery.

Both FedEx Express India and Delhivery have also entered into equity and commercial agreements that will utilize their combined strengths to unlock India’s international trade potential. Completion of this transaction is subject to closing conditions, including regulatory approval.

Read Also: FedEx sinks on higher spending, labor costs amid parcel boom

“India is a strategic priority for FedEx. This strategic alliance will support our long-term vision to grow our India business and serve customers seeking to expand in or enter the Indian market, as well as provide opportunities to develop product and technology solutions together with Delhivery for the benefit of our customers" said Raj Subramaniam, President and Chief Operating Officer of FedEx Corp.

Sahil Barua, Co-founder, and Chief Executive Officer, Delhivery, said, “We are excited to partner with FedEx and look forward to the synergies created between Delhivery’s capabilities in India and FedEx’s global network. Our aim is to bring new products and opportunities to Indian and global businesses and consumers through unique access to our networks, and our technology and engineering capabilities."

Additionally, Don Colleran, President and CEO of FedEx Express will be nominated to join the Delhivery Board of Directors as a further sign of collaboration between the two companies.

This transaction combines the FedEx global network with Delhivery’s extensive pan-India network and technology solutions to bring the best of both worlds together. The investment and the commercial agreement between the two companies deepens the FedEx commitment to the India market, and signals a significant step in providing innovative services and solutions that aim to improve speed, efficiency, and access for FedEx and Delhivery customers.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 16 Jul 2021, 10:39 AM IST
Next Story footLogo
Recommended For You