Acquisitions give DP World wider coverage in fast-growing markets
Dubai-based port operations major DP World has bought three units of India-headquartered Transworld Group promoted by local businessman Ramesh Ramakrishnan.
DP World’s subsidiary Unifeeder Group has acquired the units. These include Transworld Feeders FZCO and Transworld Feeders Pvt Ltd (the containerised Indian coastal and export-import feeder operations of Shreyas Shipping and Logistics Ltd, excluding vessels and bulk operations).
Avana Logistek Ltd (including its subsidiary Avana Global FZCO) is also a part of the deal, Mumbai-listed Shreyas Shipping said in a filing. DP World will pay a total of US$ 48.7mn (IRS 3640mn) for the deal, of which Shreyas Shipping will get US$27.7mn (IRS 2070mn).
Transworld Feeders FZCO and Avana Global FZCO are independent feeder and NVOCC (non-vessel operating common carriers) operators, offering container feedering services and regional trade solutions connecting a wide range of ports in West Asia, subcontinent and Far East, Shreyas Shipping said.
“These acquisitions give us complete coverage in fast-growing markets between East Africa, Gulf and the wider Indian subcontinent,” remarked Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World.
The central hub port at Jebel Ali (UAE) plays a pivotal role for a large part of the services, the company press release added. Collectively, the companies have a capacity of 1.2 million TEU.
