Logistics firm DTDC buys 53% stake in Eurostar Express

Mumbai: Logistics major DTDC Courier and Cargo has acquired 53% stake in UAE-based Eurostar Express for an undisclosed amount.

"The acquisition allows DTDC to combine its strength with Eurostar and penetrate and consolidate its presence all over the West Asia, including GCC and MENA areas, more comprehensively," said Suresh Bansal, director and head of international business, DTDC.

DTDC's move to invest in a global company comes at a time when foreign companies are largely investing in firms in India. In recent times, logistics giant Fedex bought out Mumbai-based AFL Freight and private equity players have been investing in logistics players in the country.

The acquisition will enable the Bangalore-based company access to the robust infrastructure and quality delivery capabilities in Dubai and Abu Dhabi, he said.

Eurostar group will hold 33% in Eurostar Express. Anil Ambani's Reliance Capital holds 44% stake in DTDC.