Allcargo Logistics Ltd has acquired 75 per cent stake in Fair Trade GmbH to strengthen its presence in the German market.
“The acquisition expands and strengthens the service network of ECU Worldwide (an Allcargo Group Company) in a strategically important market of Germany with sizeable volumes. The Bundeskartellamt, the German competition authority has also approved the acquisition,” said a press statement.
Shashi Kiran Shetty, Founder and Chairman of Allcargo Group, said, “The acquisition comes at an important time for us because it helps us keep up with our strategic expansion plans. Not only does this consolidate ECU Worldwide’s service network and global reach but cements our presence in Germany through Fair Trade GmbH’s impeccable and in-depth understanding of the local market and trade patterns as well as cultural and business fitment to our asset-light business model and service-oriented approach.”