In line with its vision of expansion and strengthening its foothold in the logistics sector of the German market, India’s leading logistics company and one-stop supply chain management provider, Allcargo, acquired a 75 per cent stake in Far Trade Gmbh, through its subsidiary, Allcargo Belgium NV.
Fair Trade GmBH has been a major player in the consolidation segment in Germany, handling cargo movement across Europe-Asia, Europe-Latin America, and Europe-North America routes.
The official press statement read, “The acquisition expands and strengthens the service network of ECU Worldwide (an Allcargo Group Company) in a strategically important market in Germany with sizable volumes. The Bundeskartellamt, the German competition authority, has also approved the acquisition.”
Speaking about the acquisition, Shashi Kiran Shetty, Founder, and Chairman, of Allcargo Group, said, “The acquisition comes at an important time for us because it helps us keep up with our strategic expansion plans. Not only does this consolidate ECU Worldwide’s service network and global reach, but it also cements our presence in Germany through Fair Trade GmbH’s impeccable and in-depth understanding of the local market and trade patterns, as well as cultural and business fitment to our asset-light business model and service-oriented approach.”