Wednesday, December 13, 2006

TNT is swooping in on Overnite Express

Bangalore: After acquiring express cargo firm Speedage Express Cargo Services, Dutch company TNT NV is now eyeing courier firm Overnite Express Ltd.
According to industry sources, the Dutch postal services giant has put a price tag of Rs 225 crore for the New Delhi-based courier and cargo company, which has a turnover of Rs 110 crore, has 1,000 offices and provides delivery solutions in over 800 destinations.
Overnite Express, which began operations in 1987, also has an international service network covering more than 1,000 cities.
According to sources, the buyout will enable the Dutch major, which has already expanded its presence in the surface express segment through Speedage, to capture substantial market share in the courier segment.
12/12/06 Praveena Sharma/Daily News & Analysis