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Aqua Logistics acquires three Hong Kong firms
30 March 2010: Aqua Logistics has entered into an agreement to acquire three Hong Kong based companies — CIT, TAG and AGI Logistics — through its wholly owned subsidiary, Aqua Logistics Hong Kong.
Aqua will initially acquire 60 per cent in the companies for a total consideration of $7.09 million (approx Rs 32 crore). It intends to acquire an additional 15 per cent in tranches over five years.
This acquisition is likely to help Aqua to increase its geographical presence and compete with multinationals.
Source: DNA