FedEx completes takeover of Indian express provider Prakash
FedEx Express has completed the $30 million acquisition of its Indian service provider, Prakash Air Freight Pvt. Ltd.
PAFEX is one of the largest domestic express companies operating in India, with more than 384 offices and depots serving nearly 4,400 destinations. The nationwide network covers every major city in India. PAFEX began domestic express operations in 1986 and has been the FedEx service provider in India since 2002. FedEx Express began operating in India in 1984.
'Through this acquisition we will have direct control of our pick up and delivery operations, which will enhance our business flexibility and speed to market. Customers will benefit from a reliable service offering to, from and within India,' said Michael L. Ducker, FedEx Express' president, international.
Jacques Creeten, FedEx Express' vice president, India, said: 'As a fast-growing, market-driven economy that recorded 8.4 percent growth between 2005 and 2006, FedEx believes India is poised to take a leading role on the world's stage as an economic superpower, and we want to be partners in making it happen.'
FedEx completes takeover of Indian express provider Prakash
