DTDC Courier & Cargo Ltd acquires majority stake in Eurostar Express

Logistics major, DTDC Courier & Cargo Ltd on Monday said that the company has acquired a majority stake in UAE based Eurostar Express. Accordingly, DTDC will own 53% in the company and the UAE based Eurostar group will hold 33%.

The company, meanwhile declined to comment on the cost of acquisition.
"The acquisition allows DTDC to combine its strength with Eurostar and penetrate & consolidate its presence all over the Middle East including GCC and MENA areas, more comprehensively. It has enabled more feet on street, robust infrastructure and quality delivery capabilities for DTDC in developed markets such as Dubai and Abu Dhabi", said Mr. Suresh Bansal, Director and head of International Business of DTDC.

The Bangalore based company currently has more than 300 offices and over 5,800 franchisees across the country and was the first company in the country to operate on a franchisee model in India. In 2006, Anil Ambani's Reliance Capital Ltd bought a 44% stake in DTDC.

DTDC's move to invest in a global company comes at a time when foreign companies are largely investing in companies in India. In recent times, logistics giant Fedex bought out Mumbai based AFL Freight Pvt Ltd and private equity players have been investing in logistics players in the country.

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Manu Balachandran

Correspondent

The Economic Times

Mumbai

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