FedEx acquires Indian air freight company

FedEx Corp. announced Wednesday it has completed its $30 million acquisition of an Indian air freight company. FedEx Express has bought Prakash Air Freight Pvt. Ltd., which is one of the largest domestic express companies operating in India. PAFEX has been the FedEx service provider in India since 2002. "The continued growth and improvement of express services in India will serve to strengthen the country's infrastructure, enhancing the competitiveness of Indian businesses and their access to global markets," said Robert W. Elliott, FedEx Express president, Europe, Middle East, Indian Subcontinent and Africa. Present in India since the mid-1980s, Memphis-based FedEx (NYSE: FDX) 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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