FedEx to Acquire Indian Express Firm

November 2, 2006 11:00 AM, EST

Click here to write a Letter to the Editor.

edEx Corp. said Thursday its FedEx Express unit signed an agreement to acquire its Indian service provider, Prakash Air Freight Ltd., for $30 million.

Privately held Pafex, as the company is known, is one of India’s largest domestic express companies. It has more than 384 offices and depots serving about 4,400 destinations.

Pafex began operating in 1986 and has been FedEx’s service provider in India since 2002.

FedEx Express began operating in India in 1984. The transaction is subject to Indian government approval.