Allcargo buys Hind Cargo from Thomas Cook India

City-based domestic logistics firm Allcargo Global today said it has acquired Hindustan Cargo, a subsidiary of travel and forex major Thomas Cook India, for an undisclosed amount.

The board of directors of the logistics firm has recently approved the acquisition of the entire paid-up capital comprising of 2.5 lakh equity shares of Rs 10 each in Hindustan Cargo, Allcargo informed the Bombay Stock Exchange.

Hindustan Cargo, which was predominantly into airfreight and logistic business, would now become a wholly owned subsidiary of Allcargo Global with effect from the date of registration of physical transfer of equity shares, it added.

The deal is the first major restructuring initiative undertaken by Thomas Cook India. Last year it had acquired LKP Forex, Travel Corporation of India and the visa business of TTK enterprises.

Allcargo recently acquired 100 per cent stake in ECU Line, the world's second largest cargo consolidator having significant global presence.