Shreyas Shipping and Logistics has indicated that its subsidiary, Shreyas Relay Systems, will soon acquire Dubai-based Balaji Shipping Lines FZCO.
It is planned that Shreyas Relay will finance the purchase of the Balaji Shipping business from Mauritius-based Transworld Holding by issuing shares in favour of the latter. As a result of the acquisition, Shreyas Shipping will hold a less than 50 per cent stake in Shreyas Relay.
The acquisition is being made to help Shreyas Relay diversify the scope of its operations beyond the Indian subcontinent. Balaji Shipping, which specialises in refrigerated and dry cargoes, has a presence in West Asia and the UK.