Shreyas Relay Systems Ltd. will acquire a 99.99 stake in Balaji Shipping Lines FZCO.
India-based Shreyas Shipping and Logistics (SSL) announced yesterday its decision to allow its subsidiary, Shreyas Relay Systems Ltd. (SRS), to acquire Balaji Shipping Lines FZCO (BSL).
Financial terms of the deal were not disclosed.
SSL said the acquisition will enable SRS to extend its logistics reach globally and offer door-to-door multimodal cargo transport services.
SRS will have a 99.99 percent stake in BSL, and in turn, SRS will fully pay up equity shares to Transworld Holdings Ltd, Mauritius. Consequently, SSL would hold less than 50 percent of shares in SRS.
Both SSL and SRS are members of the Transworld Group.
BSL is a Dubai-based container shipping carrier of both refrigerated and dry cargo in the Indian Subcontinent, Middle East and United Kingdom.
Shreyas purchases Balaji Shipping Lines
