Switzerland-based transportation and logistics firm M+R Spedag Group has acquired controlling stake in Chennai-based PL Shipping & Logistics Private Limited. The deal gives the Swiss firm a presence in the fast-growing Indian market. The details about the stake sold or the deal was not disclosed. Daniel Richner, owner and president of M+R Spedag will become the chairman of PL Shipping and Logistics.
The 10-year-old PL Shipping & Logistics managed to reach a turnover of Rs 105 crore during the year ended March 2010. The firm was set up as a joint venture between the 145-year Old Peirce Leslie group and its current Managing Director R.Ramkumar. According to its website, PL Shipping & Logistics is now an independent entity, backed by a private equity group. The identity of the PE backer could not be ascertained.
Officials of PL Shipping were not available for a comment.
"There will be no changes in the organizational structure of PL Shipping & Logistics Pvt. Ltd. with Ramkumar continuing as Managing Director and Jayaram as the Chief Operating Officer, with Daniel Richner taking over as Chairman. The company will continue to exist under the same name for the next few months and the initial period will be used for the integration of the two organizations," said M+R Spedag in a statement.
The deal would also help give M+R Spedag's customers and agent partners access to an extended Asian network, enhanced IT capabilities and a wider scope of services.
M+R Spedag has offices in major hubs across the globe with a staff of more than 1,250 employees.
PL Shipping & Logistics has a pan India presence with 340 employees across 13 offices in the country. It is involved with ocean, air and surface transportation of small, large and heavy lift cargoes both imports and exports.
Nishith Desai Associates was the legal advisor to M+R Spedag Group for this transaction.