- Global port operator DP World Ltd in advanced talks with Dubai-based Transworld Group to buy Shreyas Shipping and Logistics Ltd and Avana Global Logistek Ltd.
- Mumbai-listed Shreyas Shipping is the Indian flagged vessel owning unit of Transworld Group, running a fleet of 13 ships, the largest along the Indian coast.
- Avana Global Logistek Ltd is the freight forwarding arm of Transworld Group.
- It would be DP World’s third acquisition in the container feeder sector in less than two years. It aims to build an end-to-end logistics capability by offering integrated services.
DP World Ltd and Dubai-based Transworld Group are in advanced level talks on buying Shreyas Shipping and Logistics Ltd and Avana Global Logistek Ltd, reports The Hindu BusinessLine, written by P Manoj.
No clear information on the deal
“I have no information on that. Just because we have shifted to DP World’s terminal in Chennai doesn’t mean anything.”
“We have shifted to DP World’s terminal in Chennai for a different reason because we don’t want to call (at) Krishnapatnam and Kattupalli ports. Instead of that we are calling only in Chennai on the PIX 2 service. I will not be able to tell anything,” a top Shreyas Shipping executive said.
The deal at an early stage
“The deal is at a very advanced stage,” said a person briefed on the talks.
“Since promoters of both the companies are based in Dubai, relations at higher levels are very good,” he said.
“An Indian flag carrier going into foreign hands would be an interesting development,” he added.
DP World’s ventures
DP World ventured into feeder operations in 2018 by acquiring Unifeeder, which runs feeder and shortsea services around Northern Europe and throughout the Mediterranean and Northern Africa regions.
The Unifeeder and Feedertech platforms further strengthen the capabilities of DP World’s main ports in Dubai’s Jebel Ali, and ports in India, Africa and Europe as key hubs of the world’s trade.
DP World has invested $1.2 billion in India since 1997 and is currently the only foreign port operator running six terminals at Mundra, Jawaharlal Nehru Port Trust, Chennai, Cochin and Vizag,with a combined capacity of over six million TEUs.
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Source: The Hindu Business Line
