Logistics provider plans a Rs50-crore acquisition of a company in the Far East and will expand its footprint in the Middle East

Logistic solutions provider Aqua Logistics plans to acquire a company in the Far East, which will facilitate Indo-China trade, in the next two months, a top company official told PTI.

"We have already identified the company in the Far East market and discussions are in the advanced stages. We will acquire the company soon," Aqua Logistics vice-chairman MS Sayad told reporters on Tuesday.

The acquisition will be at around Rs 50 crore, Mr Sayad said.

Far East countries include China, Hong Kong, Japan, Thailand and Malaysia.
The Mumbai-based company also plans to expand its footprint in the Middle-East market in the next five to six months.

"We are planning to set up our offices at Dubai and Hong Kong in the next six months. We are confident that we can secure the Middle-East market," he said.
Aqua Logistics is engaged in freight forwarding services with agents to provide end-to-end solutions to its clients.

In order to extend its scope of services, the company ventured into project cargo and contract logistic segments in FY07.