Global logistics group Deutsche Post DHL on Thursday announced the acquisition of about 24 per cent stake held by the Lemuir Group.
The acquisition is for an undisclosed sum.
With this, DHL's stake in the company has risen to 100 per cent, consolidating its position in the international freight forwarding, supply chain management and customs brokerage services in India.
Post-acquisition, the entity is being renamed as DHL Logistics Pvt Ltd, a company release said.
Focus on special cargoes
The Lemuir Group decided to sell its stake in the joint venture DHL Lemuir Logistics Pvt Ltd to DHL to focus on its core business of transportation of special cargoes.
Mr Oscar de Bok, CEO (South and South East Asia) DHL Supply Chain, said, “our partnership with Lemuir has substantially reinforced our foothold in the Indian domestic logistics industry. It has helped to put us on the road of accelerated growth.”
DHL has been charting out new growth plans in the logistics market in India, having recently developed sector-specific logistics solutions to cater to the needs of different sectors such as apparel and fashion industry, IT and ITeS, engineering and financial services.
DHL has a market share of over 40 per cent in the total express business market in India, which is presently pegged at between $700 million and $800 million.
The logistics firm has also been adding to its aviation capacity. It had launched the Bangalore freighter service in October last year to boost transit times on key trade routes between Europe and Asia.