Middle East

Clarion bought out

Dubai: Apollo LogiSolutions, a subsidiary of logistic provider Apollo International, has acquired a majority stake in Dubai-based shipping logistics company Clarion Shipping Services. The move will help Apollo LogiSolutions (ALS) expand in West Asia, Africa and Southeast Asia.

Clarion, which was founded in 1996 by non-resident Indian Aniyan Kutty, owns the single largest storage facility at the Jebel Ali Free Zone in Dubai.

"ALS is expected to post a turnover of $200m with an operating profit of about 10-12% in fiscal 2015," said Raaja Kanwar, vice-chairman and managing director at Apollo International. "Our aim is to become a billion-dollar company by 2020 and, to achieve this target, we will continue to explore inorganic route either in domestic or in overseas markets." [25/09/14]

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