FedEx buys out Indian subsidiary

FedEx buys out Indian subsidiary    FedEx Corp. said Thursday its FedEx Express unit has signed an agreement to acquire its Indian service provider, Prakash Air Freight Pvt. Ltd., for $30 million.
   FedEx said the transaction, which is subject to approval by the Indian government, will further extend its position in the global express industry with a wholly owned operation in one of the world’s fastest growing markets.
   PAFEX, a privately held company, 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.
   India has become the latest battlefront for the global express carriers, who are pouring resources into the country as the economy matures and the domestic express market takes off. Earlier this year TNT Express acquired Speedage Express while DHL is trying to take full control of Blue Dart Express in which it acquired a majority stake in 2004.