FedEx acquires Indian cargo airline

FedEx Express said Thursday it has bought Prakash Air Freight for $30 million in cash. The global division of Memphis-based FedEx Corp. (NYSE: FDX) said the agreement, pending Indian government approval, will further FedEx's position in one of the world's fastest growing markets.

"As one of the fastest growing economies in the world, India presents enormous opportunities for our customers," Michael L. Ducker, president of FedEx Express International, said in a statement. "With this acquisition, we would ensure continued outstanding customer service through increased access for our customers doing business to and from India." Privately held Parkash is one of India's largest express companies, with 384 offices and depots serving nearly 4,400 destinations. Its network covers every major city in India. The company has been in operation since 1986 and has served FedEx in India since 2002.

Present in India since the mid-1980s, FedEx introduced an all-cargo flight to India in 1997; began the first overnight express service between India and China in 2005; and is the first cargo airline to serve two gateways in India, Mumbai and Delhi, with 16 round-trip flights a week.

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