Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Allcargo Logistics expands in Europe with ECU Worldwide - Nordicon joint venture

Posted On: 2021-07-30 15:36:35 (Time Zone: UTC)


Allcargo Logistics Ltd., India's largest integrated logistics solutions provider, today announced that it's wholly owned subsidiary Allcargo Belgium NV. (Operating ECU Worldwide network), a global multi-modal logistics major, has signed a definitive Joint Venture agreement with Nordicon Group, the market leader in Nordics in LCL and rail consolidation. ECU Worldwide will hold a 65% share, while the balance of 35% will be held by the present owners of Nordicon. With this strategic investment, ECU Worldwide will now be a market leader with a near 40% marketshare of the less-than-container-load (LCL) business in the Nordic region.

This agreement expands ECU Worldwide's service network and global reach further, adding new geography and a specialized rail freight consolidation service to expand further across Europe. This partnership will help betterserve customers who are looking at flexible and time-bound logisticssolutions in the Nordic region.

Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide, and Gati Ltd., said, "The partnership with Nordicon is in line with our vision of consolidating our market leadership and working with entrepreneurial teams to expand into new territories who share our vision for digital innovation for the logistics sector. Nordicon is led by a strong and capable team, and we are very pleased to welcome them into the larger ECU Worldwide family. This partnership is a great way to scale the global business and better serve customers."

"Nordicon has an innovative asset-light rail consolidation business which opens new opportunitiesfor ECU Worldwide across Europe," said Ravi Jakhar, Chief Strategy Officer, Allcargo Logistics Ltd. "Nordicon's integration with the ECU network will lead to incremental business revenue and margins at existing ECU offices across the world. This is a high value accretive deal for ECU Worldwide and Allcargo and will create value for stakeholders."

Shares of ALLCARGO LOGISTICS LTD. was last trading in BSE at Rs. 197.85 as compared to the previous close of Rs. 190.05. The total number of shares traded during the day was 1146041 in over 6374 trades.

The stock hit an intraday high of Rs. 199.7 and intraday low of 188.95. The net turnover during the day was Rs. 223614425.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

InterGlobe Aviation Ltd updates on arbitral award

B N Rathi Securities Limited board approves rights issue

Orient Cement Ltd to explore setting up of Cement Grinding Unit at Tiroda, Maharashtra

NBCC India Ltd secures work order at Hulhumale, Maldives

Dalmia Cement Bharat Ltd commences commercial production of Line 2 at its Kapilas Cement Manufacturing Works, Cuttack

Century Plyboards India Ltd increases stake in Century Infotech Ltd to 99.99%

Nucleus Software Exports Limited board approves buy back at Rs. 700 per share

NHPC Ltd to form subsidiary

EKI Energy Services Ltd opens 3 new International Business Points

SJVN bags 1000 MW Solar PV Power Project

Sun TV Network Ltd announces resignation of Mr. J Ravindran

Modern Steels Ltd announces disruption at its plant

Trimurthi Ltd gets Rs. 25 lakhs claim from defaulted broker

Sanrhea Technical Textiles Ltd board to consider preferential issue on Sep 30, 2021

Indiabulls Housing Finance Ltd raises ₹ 251 crores by selling part of its stake in OakNorth Holdings Ltd

Xelpmoc Design and Tech Ltd has sold its stake in Madworks Ventures Pvt Ltd

TPL Plastech Ltd allots 78,00,300 Equity Shares

Unison Metals Ltd to invest in Chandanpani Pvt Ltd

JSW Energy Limited's JV updates on rating

Axis Bank Ltd board to approve Q2, H1FY22 results on Oct 26, 2021

Shree Rama Newsprint Ltd to resume paper division production from Sep 27, 2021

Ramkrishna Forgings Ltd wins yet another Export order worth INR 300 Million per annum from North America in Oil & Gas segment

Huhtamaki India Ltd announces resignation of MD

Trident Sends Gift Vouchers to over 8.25 Lakhs Shareholders, this Festive Season

Cadila Healthcare Limited enters into an agreement with Shilpa Medicare Limited for the production of ZyCoV-D vaccine

ICICI Bank Ltd board to consider Q2FY22, H1FY22 results on Oct 23, 2021

IIFL Finance to raise up to Rs. 1,000 crore via secured NCDs, offers up to 8.75% yield

ANG Lifesciences India Ltd allots 51,83,315 shares

Shilpa Medicare Limited ties up with Cadila Healthcare Ltd for production of ZyCoV-D vaccine

Gayatri Projects Ltd wins arbitration for expressway in Hyderabad City

Caplin Point Laboratories's CRO Amaris Clinicals completes USFDA audit with zero observations

PSP Projects Ltd bags orders worth Rs. 421.87 crores

Ircon International Ltd wins bid to set up 500 MW solar power plant

Zydus Cadila receives final approval from USFDA for Apremilast Tablets

Aurionpro unveils 'AuroPay', a payment platform offering wide range of services in payment domain

CRISIL upgrades rating of Minda Corporation Ltd

Affle India Ltd gets shareholders approval for stock split

Indiabulls Housing Finance Limited has repaid ₹ 7,075.84 Crores of NCDs to investors in September 2021

MoD promulgates framework for increased utilisation of simulators by the three Services & Indian Coast Guard

Kaya Ltd appoints Mr. Rajiv Suri as Global CEO

Suumaya Corporation Ltd announces bonus in the ratio of 2:1

GR Infraprojects Ltd receives LoA for new project

Forbes Asia names Persistent to its 'Best Under A Billion' 2021 List

Aditya Birla Capital Ltd updates on IPO of Aditya Birla Sun Life AMC Ltd

ICRA upgrades rating of Windlas Biotech Limited

Vedanta Limited to delist ADS from NYSE

Dilip Buildcon Limited appointed as mine developer through SC order

Karur Vysya Bank revises base rate, BPLR from Sep 24, 2021

Hero MotoCorp updates on welfare package for Covid-19 families in Rajasthan

Ashoka Buildcon Ltd acquires 60% stake in Ashoka Bettadahalli Shivamogga Road Private Limited


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020