Kerry Logistics bought a 51 per cent stake in an Indian freight forwarding company for an undisclosed sum in a bid to fill gaps in its Asian distribution network and plans to expand into eastern Europe over the next two years, company executives said.
Kerry, which has 120 offices and more than 100 cargo facilities on the mainland, is moving into India to capitalise on the fast-growing trade between China and the world's second-fastest growing major economy, executive director Vincent Wong said.
The company is also expanding its European operations, opening offices in Germany, Austria and Switzerland last month. Over the next two years, it will expand into the Czech Republic, Slovakia, Hungary and Poland, said Michael Dieckmann, managing director for Germany, central and eastern Europe.
The deal between Kerry and Indian Reliable Freight Forwarders (RFF) closed on October 3. The partners plan to call the venture Kerry Reliable Logistics.
RFF, which was established in 1996, has offices in New Delhi, Bangalore, Mumbai, Tirupur and Tuticorin. It provides supply chain management and logistics services, including sea and air freight forwarding, local transportation with self-operated truck fleets, inland container depots and container freight stations, and operates a shipping agency.
Kerry has operations in 260 cities in Asia-Pacific.
