By Gavin Gibbon
Deal offers greater connectivity between Asia, the Indian subcontinent, the Middle East and East Africa
Dubai-based ports operator DP World has increased its presence in India through the acquisition of several companies.
The deal, which involves Transworld Feeders FZCO, Avana Logistek Limited, including its subsidiary Avana Global FZCO, and Transworld Feeders Pvt. Ltd., the containerised Indian coastal and EXIM feeder shipping operations of Shreyas Shipping and Logistics Limited, was made via Unifeeder, through its Indian subcontinent Unifeeder ISC platform, a majority-owned subsidiary of DP World
"We now have the capability to offer superior connectivity between Asia, the Indian subcontinent, the Middle East, and East Africa, and this greater scale and comprehensive network presence will allow us to reduce inefficiencies in the supply chains to the benefit of all our customers," Sultan Ahmed bin Sulayem, group chairman and CEO, DP World, said.
Transworld Feeders and Avana are both strong and well-known brands that handle approximately 1.2m TEU per annum and operate in fast-growing markets.
Ramesh S Ramakrishnan, chairman of Transworld Group and Shreyas Shipping and Logistics Limited, said: "The acquisition of three of our portfolio companies, will provide DP World and Unifeeder ISC a robust platform to jointly deliver a more complete range of solutions to our customers."
On Wednesday, DP World reported a 55.7 percent drop in profits for the first six months of the year to $333 million in what has been described as “one of the most challenging periods” in the company’s history, as it battles against the effects of the global Covid-19 pandemic.