Allcargo Logistics said that its wholly owned subsidiary, ECU Worldwide N.V. (Formerly known as Allcargo Beligum N.V.) has acquired 25% stake in Fair Trade for a consideration of EUR 2.9 million.
Fair Trade is a FCL and LCL consolidation services provider, operating in Germany with offices in Bremen and Hamburg. Its turnover for 2023 was EUR 13,679,876.Pursuant to acquisition of balance 25% stake in Fair Trade, ECU Worldwide N.V. now holds 100% stake in Fair Trade and is now a wholly owned subsidiary of the company.
The company has acquired Fair trade for expansion of FCL and LCL business in an important market with a synergistic and capable partner.
Earlier in November 2022, the companys wholly owned subsidiary, ECU Worldwide N.V had acquired 75% stake in Fair Trade for total consideration of EUR 12 million.
Allcargo Logistics is an integrated logistics service provider and operates in multiple business segments multimodal transport operation (MTO), container freight station (CFS) / inland container depot (ICD), projects and engineering (P&E), contract logistics, and logistics parks (LPs) in which it has forayed recently.
The companys consolidated net profit declined 92.4% to Rs 10.95 crore on 22.2% increase in net sales to Rs 3,211.59 crore in Q3 FY24 over Q3 FY23.
The scrip fell 0.72% to end at Rs 70.55 on Wednesday, 22 May 2024.
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