SBS Group buys Atlas for India push

   SBS Group, one of Japan’s main corporate groups, has acquired an 80 percent stake in Bangalore’s Atlas Logistics, a provider of global transportation services.
   The purchase puts Atlas under the SBS Holdings wing and will give it a larger presence in the domestic logistics market in India as well as strengthening its global logistics group.
   The Atlas Logistics purchase is part of a broader move by SBS to penetrate the Asian market and become a bigger third party logistics player in the region.
   “The acquisition of Atlas Logistics, with its strong delivery network and excellent service reputation, will expand our footprint, add depth and efficiency to our own network, and offer convenience for our customers who are expanding globally,” SBS Group director Akihiko Okamoto San said in a statement.
   Okamoto said the move would position SBS as a main competitor in the market thanks to Atlas’ 26 offices and presence in 14 countries. The purchase will also allow SBS to better leverage business between Japan and India following the Japan-India Economic Partnership Agreement.
   H.R. Venkatesh Rao, the chairman and managing director of Atlas Logistics, said the immediate goal of the new combined unit is to reach the milestone of being a $2 billion group by 2013.