The Hindu Business Line : Phoenix buys majority stake in Eastern Logistics

Phoenix International Freight Services has acquired the majority stake in Eastern Logistics Private Ltd, a premier Mumbai-based freight forwarding company having a nationwide network.

With this acquisition, the US-based international freight forwarder, which also acts as NVOCC (non-vessel owning cargo carrier) and Customs agent, has built a network comprising 13 offices, including one in Colombo.

Founded in Chicago in 1979, Phoenix's global network covers 275 locations in 100 countries, generating sales revenue exceeding $500 million annually.

A strong presence in the Indian sub-continent is considered vital for the company's future growth, more so because the opening of offices in China is believed to have boosted the company's growth in recent years.

The company, like many others, views India and China as two of the world's fastest growing economies.

Precisely for the same reason, the Hong Kong-based Jardine Shipping Services (JSS) too recently launched its first Indian outfit, Jardine Shipping Services (India) Pvt Ltd, in Mumbai, with plans to move out to the country's other major ports as part of its focus on providing ship agency and port agency services to shopping interests.

According to informed sources, for JSS, which has operations in 10 countries in the Asia-Pacific region, having presence in India is in line with the expectation that the growing trade between India and South-East Asia, particularly China, holds out immense prospects for the company.

Along with serving the customers in India, JSS, it is learnt, also proposes to provide services to Indian customers located in the Asia-Pacific region.

More Stories on : Mergers & Acquisitions | Supply Chain Management

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