German-based international logistics service provider Logwin today announced acquisition of all shares in its Indian entity Logwin Air & Ocean India for an 'undisclosed sum', as part of steps aimed at consolidating its presence in the domestic market.
"The company has acquired all the shares of the previous minority shareholders in India. The acquisition means that Logwin is now the sole owner of Logwin Air and Ocean India and will systematically expand its commitment in India", Logwin said in a statement.
Logwin intends to continue development in Indian market through further growth, it said.
When contacted, the company's spokesperson, however, declined to reveal the size of the deal or the percentage of the shares owned by Indian investors.
"..For legal reasons we cannot give you any further information on the shareholders and the value of the deal", the spokesperson said.
Since the launch of Logwin Air and Ocean India in 2009, the company expanded its presence in Ahmedabad, Bangalore, Chennai, New Delhi, Hyderabad, Karur, Kolkata, Ludhiana, Mumbai and Pune.
The company employs around 100 people in the country, it said.
German-based Logwin AG offers logistics and transport solutions. The group in 2013 generated sales of 1.2 billion euro and employs about 4,300 people, the statement added.
