FedEx Corp acquires Prakash Air Freight for $30 million

FedEx Corp acquires Prakash Air Freight for $30 million

Logistics industry giant FedEx has said that they are now acquiring its Indian partner and service provider Prakash Air Freight. The deal is worth around USD 30 million.

The deal would be conducted in a cash only transaction and would require the approval of the Indian authorities. The company aiming to expand their presence in the Indian market through this deal.

FedEx used the services of financial advisor JPMorgan for this deal.

Prakash Air Freight happens to be one of the largest domestic express companies operating in India with more than 384 offices and depots serving nearly 4,400 destinations. They had been working with FedEx since 2002.

Jacques Creeten, MD FedEx Express Sales and Marketing (India) spoke on this deal: “India’s continued rapid growth has increased its importance within the global economy. This acquisition would ensure we remain well positioned to service that growth locally with additional access.”