As part of making its foray into the Australian market, logistics service provider TVS Logistics has picked up majority stake in Melbourne-based Transtar International Freight for an "undisclosed sum".
TVS Logistics Services through its joint venture -- TVS Asianics Supply Chain Solutions -- reached an agreement to pick up the 'majority stake' in Transtar, TVS Logistics MD R Dinesh said.
"With this move, TVS Logistics, which already has its presence in South East Asian countries, would mark its entry into Australia. Transtar will continue to be headquartered in Melbourne," he said in a statement.
Transtar, with revenues of Rs 850 crore, has 70 per cent of its business coming from Asian region.
TVS Asianics post the deal would become a specialised player in international freight forwarding providing end-to-end solutions for importers and exporters.
Transtar founder-CEO Hank Meyer will continue to remain in his post, Dinesh said.
TVS Logistics was also in the process of moving its Indian freight forwarding business division -- TVS Dynamic Global Freight Services -- to TVS Asianics after receiving the approval from the Reserve Bank of India, he said.
"Transtar is an important business addition for TVS Logistics as it not only strengthens our presence across Asia Pacific region but also completes our service offering by including end-to-end Freight Forwarding solutions," Dinesh said.
TVS Asianics Supply Chain Solutions, CEO and Partner, James McAdam said the addition of Transtar's extensive international freight forwarding services would greatly enhance its offering to customers.
"We look forward to work alongside Hank and his team to continue growing the business and create a unique Asia-focused logistics capability," he said.