FedEx acquires Indian freight co.
11-02-2006, 09:29 AM
#1
MD-11 first officer
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FedEx acquires Indian freight co.
Fedex acquires Pafex for $30 mn
BS Reporter / New Delhi November 02, 2006
The world’s largest express transportation company FedEx Corporation is to acquire its Indian service provider Prakash Air Freight (Pafex) for $30 million in cash.
FedEx has applied to the Foreign Investment Promotion Board(FIPB) around two weeks ago for permission to undertake the acquisition. "The deal is expected to be concluded in two weeks time", sources said.
The two key promoters of Pafex are Rajan K Manchanda and Vijay Narang.
This marks the direct entry of the $33 billion FedEx, which has nearly 275,000 employees and contractors worldwide and, 670 aircraft. The transaction, which is subject to customary conditions including Indian government approval, will further extend FedEx’s leadership position in the global express industry with a wholly-owned operation in one of the world’s fastest growing markets, a company release said.
Prakash Air Freight is the sole franchisee for FedEx in India. "The deal is expected to be concluded in two weeks time", sources said.
The deal will give FedEx access to the Pafex footprint. Pafex is a privately held company and is one of the largest domestic express companies with more than 384 offices and depots serving nearly 4,400 destinations. It began domestic express operations in 1986 and has been the FedEx service provider in India since 2002.
"This is the logical next step in the ongoing development of our Indian business," said Robert W Elliott, president of FedEx Express, Europe, Middle East, Africa and Indian subcontinent.
BS Reporter / New Delhi November 02, 2006
The world’s largest express transportation company FedEx Corporation is to acquire its Indian service provider Prakash Air Freight (Pafex) for $30 million in cash.
FedEx has applied to the Foreign Investment Promotion Board(FIPB) around two weeks ago for permission to undertake the acquisition. "The deal is expected to be concluded in two weeks time", sources said.
The two key promoters of Pafex are Rajan K Manchanda and Vijay Narang.
This marks the direct entry of the $33 billion FedEx, which has nearly 275,000 employees and contractors worldwide and, 670 aircraft. The transaction, which is subject to customary conditions including Indian government approval, will further extend FedEx’s leadership position in the global express industry with a wholly-owned operation in one of the world’s fastest growing markets, a company release said.
Prakash Air Freight is the sole franchisee for FedEx in India. "The deal is expected to be concluded in two weeks time", sources said.
The deal will give FedEx access to the Pafex footprint. Pafex is a privately held company and is one of the largest domestic express companies with more than 384 offices and depots serving nearly 4,400 destinations. It began domestic express operations in 1986 and has been the FedEx service provider in India since 2002.
"This is the logical next step in the ongoing development of our Indian business," said Robert W Elliott, president of FedEx Express, Europe, Middle East, Africa and Indian subcontinent.
11-02-2006, 07:36 PM
#5
Gets Weekends Off
Joined APC: Apr 2006
Position: A300/310 Capt
Posts: 1,642
Ooh,
Maybe we can pick up the largest express carrier in DARFUR or even KASAKHSTAN next. Borat, would you "plez" answer your cell phone.
Fedex spends $29M on copier ink each year. It's a drop in the bucket. Hell, they claim to have spent $100M on that pesky little pilot contract.
Maybe we can pick up the largest express carrier in DARFUR or even KASAKHSTAN next. Borat, would you "plez" answer your cell phone.
Fedex spends $29M on copier ink each year. It's a drop in the bucket. Hell, they claim to have spent $100M on that pesky little pilot contract.
11-03-2006, 04:41 AM
#7
Deliverin' The Goods
Joined APC: Oct 2006
Position: B757 FO
Posts: 78
Ooh,
Maybe we can pick up the largest express carrier in DARFUR or even KASAKHSTAN next. Borat, would you "plez" answer your cell phone.
Fedex spends $29M on copier ink each year. It's a drop in the bucket. Hell, they claim to have spent $100M on that pesky little pilot contract.
Maybe we can pick up the largest express carrier in DARFUR or even KASAKHSTAN next. Borat, would you "plez" answer your cell phone.
Fedex spends $29M on copier ink each year. It's a drop in the bucket. Hell, they claim to have spent $100M on that pesky little pilot contract.
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