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Tuesday, February 23, 2010

Aqua Logistics eyeing acquisition in Far East

Logistic solutions provider Aqua Logistics plans to acquire a company in the Far East which will facilitate the Indo-China trade in the next two months, a top company official said.

"We have already identified the company in the Far East market and discussions are in the advanced stages. We will acquire the company soon," Aqua Logistics Vice-Chairman M S Sayad told reporters here today.

The acquisition will be at around Rs 50 crore, Sayad said.

Far East countries include China, Hong Kong, Japan, Thailand, Malaysia.

The Mumbai-based company also plans to expand its footprint in the Middle-East market in the next five to six months.

"We are planning to set up our offices at Dubai and Hong Kong in the next six months. We are confident that we can secure the Middle-East as a market," he said.

Aqua Logistics is engaged in freight forwarding services with agents to provide end-to-end solutions to its clients.

In order to extend its scope of services, the company ventured into project cargo and contract logistic segments in FY 2007.

Aqua Logistics today listed at a marginal discount of 0.27 per cent at Rs 219.40 per share on the Bombay Stock Exchange as against its issue price of Rs 220.

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