Korea’s leading logistics company CJ Korea Express said on April 26 that it has acquired a 50 percent stake in India’s Darcl Logistics for 57.06 billion won (US$50.59 million), becoming its largest shareholder.
Darcl’s revenue and operating profit were 325 billion won and 11.7 billion won, respectively, during the fiscal year ending March 2017.
“With the acquisition of Darcl which has a network across India, we will strengthen our logistics network in Asia overall,” said CJ Korea Express CEO Park Geun-tae. “By entering the fast-growing Indian market, we are now one step closer to becoming one of the global top five logistics companies.”
CJ Korea Express plans to join the ranks of the global top five industry leaders by 2020, by undertaking a series of mergers and acquisitions in Europe, US, China and Southeast Asia.
Founded in 1986, Darcl Logistics is a transport and logistics company with more than 3,400 employees.
The news, however, failed to boost the share price of CJ Korea Express, which declined more than 3 percent during trading on April 26.
By Park Ga-young (firstname.lastname@example.org