France's Norbert Dentressanglen expands in Sri Lanka, India
COLOMBO, July 5 |
COLOMBO, July 5 (Reuters) - French logistics and transport group Norbert Dentressangle has acquired freight-forwarding operations in India and Sri Lanka from the island nation's top conglomerate, John Keells Holdings, both companies said on Thursday.
The deal continues the French company's expansion of its freight-forwarding business, having bought China-based APC Beijing International last year.
Norbert Dentressangle said in a statement that it has signed the agreement "to gain a foothold in the fast-growing Indian and Sri Lankan markets". The acquired business, which has six offices in India and two in Sri Lanka, reported revenue of nearly $10 million last year.
The transaction is due to be finalised at the end of August, John Keells Holdings said in a separate statement, but it did not elaborate on details of the deal.
Norbert Dentressangle reported revenue of 3.6 billion euros ($4.50 billion) from its freight-forwarding business last year. ($1 = 0.7994 euros)
(Reporting by Ranga Sirilal; Writing by Shihar Aneez; Editing by David Goodman)
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