M+R Spedag Group of Switzerland has bought a controlling stake in Chennai’s PL Shipping & Logistics.
M+R’s core activities include European overland services, airfreight services, project and textile logistics, warehousing, contract logistics and distribution services. The company has offices in Europe, Asia, Africa and the US. PL Shipping has a pan-India presence and is involved in ocean, air and surface transportation of small, large and heavy-lift cargoes.
Originally a joint venture between the Old Peirce Leslie group and managing director Ramachandran Ramkumar, PL Shipping became an independent entity in 2005, backed by private equity group Paracor India Investments. M+R’s takeover comes as Paracor exits the company. The acquisition gives M+R access to the Indian market.
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