Gurgaon-based Apollo LogiSolutions Ltd (ALS), a part of Apollo International, has picked a controlling stake in Dubai-based Clarion Shipping Services, for over Rs 200 crore ($32.7 million), in a deal which valued the UAE firm at Rs 400 crore.
The acquisition will help ALS expand its footprint in West Asia, Africa and Southeast Asia and will give it access to 20 countries where Clarion has a strong presence.
Founded in 1996 by non-resident Indian Kutty, Dubai-headquartered Clarion Shipping provides shipping, air freight, sea-air, consolidation, warehousing and distribution, supply chain management, land transport, exhibition management and international removals.
“Currently both Clarion and ALS are working towards identifying common lines of business. We hope that the resultant synergies and combined global network of this partnership will allow us to provide best in class service throughout the value chain of logistics business to our valued customer," said Raaja Kanwar, MD and vice-chairman of ALS.
Established in 2009, ALS (earlier known as Seaport Container Terminals Pvt Ltd) is a logistics arm of Apollo International Ltd, a diversification initiative of the Apollo Group behind Apollo Tyres. The firm provides facility management, cargo management, transportation management services and equipment rental.
In 2012, ALS entered into a joint venture with a leading German logistics company, FIEGE, to form Apollo Fiege Integrated Logistics (AFIL), in which ALS picked 60 per cent stake.
Last year in May, ALS acquired 80 per cent stake in a Chennai-based logistics company Kailash Shipping Services Pvt Ltd for an undisclosed amount.
(Edited by Joby Puthuparampil Johnson)