Third-ranking global container line operator CMA CGM has taken a majority stake in leading Indian logistics operator LCL Logistix as part of a major drive to expand its forwarding and intermodal operations this year.
The Marseilles-based group did not say initially what stake it had taken in the Indian company but subsequently confirmed to IHS Maritime that a news agency report that it had acquired a 60% holding was correct. A group spokeswoman declined, however, to say how much the group was investing in the transaction.
CMA CGM carried out the acquisition via its logistics arm, CMA CGM LOG, which is currently engaged in a drive to develop its activities in emerging markets and, more generally, countries showing strong logistics growth.
India, where LCL Logistix counts among the top five operators, is a key market in this respect, according to the group.
CMA CGM LOG showed solid growth last year when it opened six new offices and plans to accelerate its development this year.
It sees Mumbai-based LCL Logistix, which is present in the United States, Canada, and East Africa, as well as India, as playing an important role in this process.
Vice president of freight forwarding and logistics Mathieu Friedberg said, “By taking this stake, CMA CGM LOG improves its logistics offer and has LCL Logistics benefit from its international network. 2015 will see CMA CGM Log’s development accelerate thanks to the new synergies generated by this investment but also with the implementation of CMA CGM LOG in 12 new countries.”
This post was sourced from IHS Maritime 360: View the original article here.
