UPS arm in talks to buy AFL for Rs 300 cr

MUMBAI: UPS Jetair Express, domestic arm of the US-based logistics major United Parcel Services (UPS), is in talks to acquire Mumbai-based logistics company Air Freight (AFL).
According to sources, both parties have been engaged in discussions over the last few months and the deal is expected to be valued at around Rs 300 crore.
In the wake of the above development, AFL Logistics CEO VV Rao has resigned. Sources believe that Mr Rao did not see any future role in the company considering that he was strategically involved in setting up the network of AFL Logistics, which has been successfully concluded.
AFL denied that it is talks with UPS Jetair Express.
09/05/08 Ashish Kumar Mishra/Economic Times

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Categories: Cargo May 2008, Foreign May 2008