With this move, TVS Logistics, which already has its presence in South East Asian countries like Singapore, Thailand and China, will mark its entry into Australia.
08 Oct 2015 | 5671 Views | By Kiran Bajad
In a bid to expand its footprint in the Asia-Pacific region and garner more business, TVS Logistics Services today announced that its JV arm in Singapore – TVS Asianics Supply Chain Solutions – is to take a majority stake in the Australia-based Transtar International Freight integrated transportation and supply chain ...
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In a bid to expand its footprint in the Asia-Pacific region and garner more business, TVS Logistics Services today announced that its JV arm in Singapore – TVS Asianics Supply Chain Solutions – is to take a majority stake in the Australia-based Transtar International Freight integrated transportation and supply chain solutions provider. TVS Logistics will invest Rs 200 crore towards this deal.
With this move, TVS Logistics, which already has its presence in South East Asian countries like Singapore, Thailand and China, will mark its entry into Australia. Following the deal, Transtar will continue to be headquartered in Melbourne in Australia.
The deal will help TVS Asianics to become a specialised player in international freight forwarding and provide end-to-end solutions for importers and exporters throughout Asia. Also, TVS Logistics will be moving its Indian freight forwarding business subsidiary – TVS Dynamic Global Freight Services – to TVS Asianics to work as a consolidated division in freight forwarding business. This, however, is subject to RBI approval.
Announcing the deal, R Dinesh, managing director, TVS Logistics Services, said, “Transtar is an important business addition for TVS Logistics as it not only strengthens our presence across Asia Pacific region but also completes our service offering by including end-to-end freight forwarding solutions.”
Commenting on the deal, Hank Meyer, CEO and founder, Transtar, said, “We are delighted to partner with TVS Asianics and become part of the TVS Logistics global network. We are excited about the ability to integrate into TVS LSL’s expanding international network and significantly expand the scope of our end-to-end logistics products for our customers.”
Transtar, with an annual revenue of Rs 850 crore is one of Australia’s largest privately owned international logistics companies, strategically located in 10 of the top 12 container ports of the world.
TVS Logistics in the past had acquired companies in the UK, Europe and in the USA for both capabilities and customers. It now will have its focus on Asia through TVS Asianics and with the addition of Transtar, Asia will become a significant market for TVS Logistics where it can offer the capabilities it acquired from other markets.
TVS Logistics, which has an annual turnover of over Rs 4,000 crore controls over 10 million square feet of warehouse space in India, and operates in the UK, Spain, Thailand, USA, Germany, China and Australia through a mix of subsidiaries and JV partners.