FedEx makes PAFEX acquisition official
Staff -- Logistics Management, 1/31/2007
MEMPHIS, Tenn.—FedEx Corporation announced earlier today that its FedEx Express unit officially completed the acquisition of Prakash Air Freight Pvt. Ltd. (PAFEX), its India-based air service provider.
FedEx said in November it signed an agreement to acquire PAFEX for $30 million.
PAFEX began working as FedEx’ India-based service provide in 2002. It was established in 1986 and has more than 380 offices and serves nearly 4,400 destinations worldwide.
“The continued growth and improvement of express services in India will serve to strengthen the country’s infrastructure, enhancing the competitiveness of Indian businesses and their access to global markets,” said Robert W. Elliott, FedEx Express president, Europe, Middle East, Indian Subcontinent and Africa, in a statement.
FedEx first established operations in India in 1984, and it was the first company to introduce the all-cargo flight to India in 1997. It also created the first overnight express service between India and China in 2005 and was the first express air cargo company to operate two gateways in India—in Mumbai and Delhi—with 16 MD-11 flights per week.
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