Allcargo Global Logistics Ltd through its step-down wholly owned subsidiary has acquired business rights and controlling stake in Hong Kong-based companies engaged in NVOCC business in China and other parts of eastern regions. The acquisition is in furtherance to the expansion plan of the company’s Non Vessel Owning Common Carrier business. The acquisition would further strengthen its profitability stream (EBITDA) by adding about $3.53 million on a yearly basis.
Further to augment the project cargo movement business, Allcargo Global, through its wholly owned subsidiary, has acquired two vessels having a capacity of around 6,500 dead weight each. As a result, the company would save substantial cost on ship chartering and hiring and would help it in planning and execution of project cargo movements in an efficient and effective manner and would further help to capitalise the opportunities in the Indian sub-continent including costal movement.
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