COMPANY LAW
| FedEx Express completes acquisition of AFL Wed, 23 Feb 2011 20:35:51 +0530 |
| The world’s largest package delivery company, FedEx, today said it has completed the acquisition of Mumbai-based integrated logistics services provider AFL through its subsidiary, FedEx Express. "The acquisition of the AFL and UFL businesses has enhanced the leadership position of FedEx in the Indian express market and offers our customers access to a range of service options, including air express, domestic ground and value added-services," FedEx Express said in a statement. Click here to visit SME Buzz Also Read Related Stories News Now - Tata Steel says no decision yet on Riversdale - JSL Stainless in talks with Shah Alloy lenders: source - Global mining M&A to accelerate in 2011: report - Idea Cellular plunges on violation of M&A norms - Tata Steel Orissa plant output by Mar 2013 - Maharashtra scraps Maha Mumbai SEZ notification Also Read Related Stories News Now - Markets close in the red; Sensex slips 118pts - Ford recalls 144,000 F-150 trucks for airbag risk - Citigroup, BofA, 4 others cut HP price target - Govt ready to evacuate 18,000 Indians in Libya: Krishna - India likely to be world's largest economy by 2050: Citi More In November, 2010, the company had announced acquisition of AFL and its affiliate, Unifreight India for an undisclosed sum. "With this transaction, FedEx Express will now provide all international services for AFL and UFL customers, who will have direct access to the FedEx international air and ground network in more than 220 countries and territories worldwide," Executive Advisor to FedEx Express, India, Cyrus Guzder said. Prior to the acquisition, Guzder was leading the AFL, which has been operating in the domestic freight industry for the past six decades. The company has 50 warehouses, 23 hubs and operates to more than 1,400 destinations in India. With the completion of the acquisition, FedEx network will have a network throughout India. This would include 31 international flights in India, 12 clearance locations and coverage in 100% of the key export/import markets across India, the statement added. |
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