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Our Bureau

Mumbai , Nov. 3

FedEx Express has fully acquired its Indian service provider, Prakash Air Freight Pvt Ltd, for $30 million, payable in cash. FedEx Express, a courier company, providing delivery to every US address and to more than 220 countries and territories, is a unit of FexEx Corporation.

The transaction, subject to Government approval, is expected to consolidate the share of FedEx in the courier industry.

Strengthening position

Prakash Air Freight, a privately held company, is one of the largest domestic courier companies, operating in India with a network of over 384 offices and depots, serving about 4,400 destinations. It has been the service provider for FedEx in India since 2002.

"This acquisition will further strengthen FedEx's position within India. Bringing Prakash Air Freight operations within the company is the logical step in the ongoing development of our Indian business," Mr Robert W. Elliott, President of FedEx Express (Europe, Middle East, Africa and Indian subcontinent) said.

FedEx, which began its Indian operations in 1984, was the first to introduce all cargo flight in India in 1997 and overnight express service between India and China in 2005. JP Morgan acted as financial advisor to FedEx.

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