December 23 - Japan's SBS Group has acquired an 80 percent stake in Atlas Logistics, a leading Bangalore, India-based provider of integrated and comprehensive global transportation solutions.
The majority shareholding in the company will give SBS Holdings a significant presence in the rapidly growing domestic logistics market in India and reinforce its position as a full-service international logistics group.
The forwarding network of SBS and Atlas will be combined to offer increased convenience for customers who are expanding globally. Additionally, SBS is seeking to expand and strengthen its
international logistics with an eye on entering domestic logistics in the rapidly growing Indian market.
Atlas is an air and ocean freight forwarding company with 26 domestic offices in India and 14 overseas offices. Atlas also has a strong record of project logistics for shipping materials and facilities for large-scale projects such as power plants and factories.
SBS says that by combining the domestic logistics network of the SBS Group and the India-based forwarding network of Atlas, it wil be able to greatly strengthen its shipping services between Japan and India, as well as enhance international logistics services which connect Japan, Asia and locations throughout the world.
HLPFI understands that H. R. Venkatesh Rao, chairman and managing director of Atlas Logistics holds the other 20 percent shareholding in the company.