FedEx Express to Acquire Indian Express Company PAFEX.MUMBAI, India -- FedEx Corporation (NYSE NYSE See: New York Stock Exchange : FDX See full-duplex. fdx - full-duplex ) announced today that its FedEx Express FedEx Express, based in Memphis, Tennessee, USA, is the world's largest cargo airline. It is a subsidiary of the FedEx Corporation and delivers packages and freight to more than 220 countries each day[1]. unit has signed an agreement to acquire its Indian service provider, Prakash Air Freight air freight n → flete m por avión air freight n → fret aérien air freight air n → Luftfracht f Pvt. Ltd. (PAFEX) for US$30 million, payable in cash. The transaction, which is subject to customary conditions including Indian government approval, will further extend the FedEx leadership 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 privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , 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. "This acquisition will solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. the FedEx leadership position within India. As a valued and trusted Global Service Participant, bringing PAFEX operations within the company is the logical next step in the ongoing development of our Indian business," said Robert W. Elliott, president of FedEx Express, Europe, Middle East, Africa and Indian subcontinent Indian subcontinent, region, S central Asia, comprising the countries of Pakistan, India, and Bangladesh and the Himalayan states of Nepal, and Bhutan. Sri Lanka, an island off the southeastern tip of the Indian peninsula, is often considered a part of the subcontinent. . FedEx Express began operating in India in 1984. Since that time it has continued to play a leadership role in connecting India to the world: * FedEx was the first express company to introduce an all cargo flight in India in 1997; * FedEx began the first overnight express service between India and China in 2005; * FedEx was the first express air cargo air cargo: see aviation. company to operate two gateways in India (Mumbai and Delhi), with a total of 16 MD-11 flights in and out per week. "As one of the fastest growing economies in the world, India presents enormous opportunities for our customers. With this acquisition, we would ensure continued outstanding customer service through increased access for our customers doing business to and from India," said Michael L. Ducker, president of FedEx Express International. JP Morgan acted as financial advisor to FedEx. About FedEx Express FedEx Express is the world's largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee. About FedEx FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $33 billion, the company offers integrated business applications through operating companies operating company A business that engages in transactions with outsiders. competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 275,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com. |
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