Singapore: APL Logistics, part of Singapore-listed Neptune Orient Lines, has acquired the remaining 24% shareholding in India Infrastructure & Logistics (IILPL) for around $10m.
APL Logistics’ new subsidiary company is based in India and operates freight rail train services in the country.
The company was purchased in cash from IILPL’s joint-venture partner, HIPE Transportation Infrastructure Ventures.
The $10m consideration “was arrived at after arm's length negotiations on a willing buyer, willing seller basis, taking into consideration, among others, the financial position and business prospects of IILPL,” parent company NOL Logistics said today. [30/12/14]