Allcargo Logistics has acquired US-based logistics company, Econocaribe Consolidators Inc.

The acquisition is valued at $50 million (approx Rs 309.05 crore). The move has been made through its Belgium-based subsidiary ECU Line. The acquisition has been fully funded through loans from Belgium banks at three per cent, and through internal accruals of ECU Line. The move will help the company offer services to the US.

The Allcargo Logistics is in the process of making acquisitions in Australia and Europe.

Initially, the company, a Delhi and Mumbai agent for ECU, bought a 33.8 per cent stake in the Belgium firm in 2005-06 and acquired the remaining shares in the following year for €23 million (approx Rs 191.86 crore). ECU Line collects small cargo and aggregates these into a full container load, known as an LCL (less than a container load) company.