How the Express Logistics Group’s Pacific Express Logistica deal works
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The Express Logics Group, the largest logistics company in the United States, has signed a deal with Pacific Express, a Chinese state-owned firm, to deliver goods between India and the United Kingdom.
The deal was announced on Thursday, with the aim of boosting logistics capabilities of both the two countries.
It is the largest deal for an Indian company by a significant margin.
“The partnership will be a game changer for our customers and suppliers in the long run,” said Amitabh Pant, chief executive officer of the group, which operates a logistics hub in Waukee, Wisconsin, and a logistics platform in Milwaukee.
“It will create a new chapter in the supply chain and enable us to expand beyond the U.S. to other markets in the world.”
The Express Logicals Group is a joint venture between Pacific Express and ICICI Bank, which is a wholly owned subsidiary of China’s State Administration of Foreign Exchange.
The deal includes about 200 employees and will enable the group to expand operations to China and other Asian markets.
“We’re excited to be working with a major Asian logistics provider that can serve as a key partner for our business,” Pant said.
The new agreement will help the group further expand its global footprint and to become a global logistics player.
The Pacific Express deal with ICICIs is worth about $7 billion, according to Bloomberg data.
The company operates a network of 12 terminals in India, with its largest market in China.
The group also has a logistics business in Japan, a logistics firm in the Philippines and a hub in Malaysia.
In 2019, it announced it would expand its operations in Australia and New Zealand.
ICICII has invested about $8 billion in logistics firms in India.
It operates a fleet of six container ships, the most in the country.
The Express Logics Group, the largest logistics company in the United States, has signed a deal with Pacific Express, a…