Postal and logistics group Deutsche Post DHL has bought its partner Lemuir Group's 24% in their joint venture DHL Lemuir Logistics for an undisclosed amount.
With this acquisition, the joint venture becomes a 100% subsidiary of Deutsche Post DHL, a company release said here.
The entity has been renamed as DHL Logistics Pvt Ltd.
"DHL and its heritage organisations have shared a long and fruitful association with the Lemuir Group for over 30 years through agency and joint ventures," DHL Global Forwarding CEO (South Asia) Thomas Tieber said.
The stake buyout further consolidates Deutsche Post DHL's position as the leader in international freight forwarding, supply chain management and customs brokerage services in India, the release said.
Deutsche Post DHL began operating their global forwarding business in India through an earlier joint venture, DHL Danzas Lemuir Pvt Ltd.
In 2007, a new joint venture, DHL Lemuir Logistics Pvt Ltd, was formed following Exel joining Deutsche Post DHL's global fold in December 2005.
In India, this consolidated joint venture combined the general cargo businesses of DHL Danzas Lemuir, Exel India Pvt Ltd and Lemuir.
