Shreyas Shipping Acquires Balaji Shipping
By Aiswarya Lakshmi
Sunday, March 12, 2017
India’s Shreyas Shipping and Logistics has approved plans for its subsidiary Shreyas Relay Systems (SRS) to acquire 99.9% of Balaji Shipping Lines from Transworld Holding (TWH).
Shreyas Shipping said that consequent to the said issue, the company would hold less than 50 percent of the shareholding in SRS. It also said that as consideration for deal, the company will issue fully paid up equity shares to TWH.
Dubai-headquartered Balaji Shipping Lines is engaged in refrigerated and dry cargo transport between the Indian subcontinent and the Middle East. It has a presence in Dubai, Saudi Arabia, Oman and UK through its subsidiaries.
“Upon the said acquisition, SRS would be able to extend its reach internationally and become a global logistics player offering door-to-door multimodal movement of cargo not only within Indian boundaries but also internationally. This acquisition brings to the table an immense opportunity to expand its scope within the logistics segment, ” said a company statement.
Shreyas would be able to extend its reach internationally offering door-to-door multimodal cargo transport service upon completion of the deal. Shreyas Shipping & Logistics, the Indian flagged vessel owning unit of Transworld Group, is a pioneer and market leader in domestic coastal container shipping.