Indian firm invests $33m in Dubai shipping company
Indian company Apollo Logistolutions (ALS) has acquired a majority stake in the UAE-based Clarion Shipping Services for $32.8m.
The move will help ALS, a subsidiary of logistic provider Apollo International, expand in West Asia, Africa and Southeast Asia, a senior official was quoted as saying by the Economic Times newspaper.
The acquisition will help ALS access over 20 countries where Clarion has a strong presence and also extend ALS’ footprint to nearly 100 countries across the globe.
Raaja Kanwar, vice-chairman and managing director at Apollo International, said Clarion had a turnover of Rs3.6 billion in 2013-14.
Sources claim the company, which was founded in 1996 by non-resident Indian Aniyan Kutty, owns the single largest storage facility at the Jebel Ali Free Zone in Dubai, the UAE.
Clarion’s strong footprint in the logistics domain will enhance ALS’ global network in the integrated logistics space, Kanwar was quoted as saying.
Both Clarion and ALS are working now to identify common lines of business apart from integrating the processes and systems in both the companies.