Damco eyes Indian acquisitions

DAMCO is looking to expand its ocean and airfreight presence in India by snapping up a regional player, as well as warehouse space.

The US$2.7 billion logistics unit of the AP Moller-Maersk Group hopes to grow India’s contribution of 10 per cent to its total global airfreight volumes and five per cent to Damco’s total ocean and supply chain management volumes.

“This year, we will be making investments in the warehousing space and also expand our freight forwarding business inorganically,” Lars Sorensen, South Asia chief executive office of Damco, said. “We will look at a player with an Indian base and with a significant presence in air and ocean freight.

“Till now, we had negligible presence in the warehousing arena. However, we are forming a strategy, which will be announced in the coming four-five months from now. We might go in for six to eight warehouses and have one centrally located either in Nagpur or Hyderabad,” Sorensen explained.

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