Terminal operator DP World’s subsidiary, Unifeeder, acquired three business units of Transworld Group.
The three units include Transworld Feeders FZCO, Avana Logistek, including its subsidiary Avana Global FZCO, and Transworld Feeders, the containerised Indian coastal and Exim feeder shipping operations of Shreyas Shipping and Logistics, excluding vessels and bulk operations.
WIthout disclosing the sum, Sultan Ahmed bin Sulayem, group chairman and CEO, DP World, said, "Transworld Feeders and Avana are both strong and well-known brands that handle approximately 1.2mn TEU per annum and operate in fast-growing markets. Our Unifeeder ISC (Indian Subcontinent) platform will continue to operate an asset-light, independent common-user platform, as we continue to build the Unifeeder brand, which is best known for efficient connectivity, flexibility, and reliability.”
Ramesh Ramakrishnan, chairman of Transworld Group and Shreyas Shipping and Logistics Limited, said, "The acquisition of three of our portfolio companies will provide DP World and Unifeeder ISC a robust platform to jointly deliver a more complete range of solutions to our customers."
The transaction is made through its Unifeeder ISC (Indian Subcontinent) platform, a majority-owned subsidiary of DP World, is subject to regulatory approvals, the Dubai-based ports operator said in a statement.