Allcargo Logistics today said it has acquired two additional vessels aggregating 24,000 DWT (deadweight tonnage) for its coastal shipping business.
"Post this acquisition, Allcargo now owns a total of five cargo vessels making it one of the largest players in the logistics industry," the company said in a statement without disclosing the financial consideration for acquisition.
The main criterion for this acquisition was to cater to the growing requirements not only of coastal shipping but regional trade and commerce as well, it said.
Speaking on the acquisition, Allcargo Founder & Chairman Shashi Kiran Shetty said: "As an organisation, we believe that India's economy will need a more efficient and time saving mode of transportation to keep pace with its growth.
"Coastal Shipping is the solution for this opportunity. We are helping our customers to create logistics solutions through coastal shipping, making their cargo movement more seamless and cost effective."
Allcargo specialises in moving bulk, break bulk, containerised and project cargo under its coastal shipping business.
The company has operations pan India with six world class facilities as well as a leader in the project logistics and equipment hiring space.
It is also one of the fastest growing service providers in the contract logistics space.
The company's shares today closed 5.88 per cent down at Rs 311.50 per scrip on the BSE.
