Major Indian courier company DTDC Courier & Cargo has bought a majority 52 per cent stake inUAE-based Eurostar Express to expand its international business, Indian media reported today.
The Bangalore-based company, with more than 300 offices and over 5,800 franchisees acrossIndia, has gradually expanded into several regional markets in recent years and has ambitions tostrengthen its international presence further.
Eurostar Express, now re-branded as DTDC Eurostar, has some 100 staff and about 60 deliveryvehicles. It offers same-day, next-day and international express services.
“The acquisition allows DTDC to combine its strength with Eurostar and penetrate andconsolidate its presence all over the Middle East, including GCC and MENA areas, morecomprehensively. It has enabled more feet on the street, robust infrastructure and quality deliverycapabilities for DTDC in developed markets such as Dubai and Abu Dhabi,” said Suresh Bansal,Director and head of International Business of DTDC.
According to Indian media, DTDC is in talks with potential private equity (PE) investors tofund its expansion. It plans to acquire express freight companies in Australia and India and hasforged joint ventures in China, Canada, Kenya and the United Arab Emirates. It is also seekingjoint ventures in South Africa, Singapore and West Asia to increase its international presence.
In 2006, Anil Ambani’s Reliance Capital Ltd bought a 44 per cent stake in the family-ownedcompany, which is now run by the two children of founder Subhashish Chakraborty.
