Freight and logistics company Toll Holdings has expanded its presence in India by acquiring a 40 percent interest in New Delhi-based BIC Logistics, with the option of upgrading to a majority holding over the next two years.
BIC operates road, rail and air transport across India, with a company-owned fleet of 250 trucks and agreements with rail and air operators. BIC's annual revenue was US$26.17 million for the year ended March 2009.
Toll managing director Paul Little told The Australian BIC was a strong fit with Toll's existing operations in India.
“It represents an opportunity to enhance both the scope and scale of our operations and allows us to be one of the few foreign companies with critical transport fleet capability,” he said.
“While BIC will continue to operate as an independent business, its interest will be aligned with our existing operations.”
Toll first entered the Indian market in 1997.
Source: Cargo News Asia