Fedex To Acquire Prakash Air Freight
By Splatty • Nov 3rd, 2006 • Category: Airlines, Integrators
It looks like Fedex is making major plans for the future in India. Fedex announced on Thursday that it had agreed to purchase India based Prakash Air Freight.
Memphis, Tennessee-based FedEx said it would pay $30 million in cash for Prakash Air Freight, one of the largest domestic express companies operating in India.
“As one of the fastest growing economies in the world, India presents enormous opportunities for our customers,” FedEx Express International President Michael Ducker said in a statement.
India’s economy has grown at an annual rate of about 8 percent over the past three years.
The deal is subject to Indian government approval, the FedEx said.
Prakash Air Freight has more than 380 offices and depots serving nearly 4,400 destinations and covering every major city in this nation of 1 billion people. The company began express operations in 1986 and has been FedEx’s Indian service provider since 2002. Source - Reuters via Yahoo News Asia
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