"We have signed a service agreement with Hong Kong-headquartered Kerry Logistic company, biggest venture in China, who will be our service provider there," Subhashish Chakraborty, CMD of DTDC said in Bangalore.
This marks the maiden entry by an Indian express cargo company into China. Till now, Indian cargo companies used to operate through a non-Indian multinational partner, who had an agreement with China based companies to deliver cargo, Chakraborty said.
DTDC itself had done business worth Rs 17 lakh in China market via intervention of a third company, he added.
With China market venture, DTDC, which is already present in middle east, south east Asian countries, USA and Europe, has created another milestone, Chakraborty said.
In the next 1 year, the company targets a revenue of Rs 52 lakh, only in terms of exports, from China, which amounts to 100 per cent growth, he added.
DTDC, which has added more muscle with Reliance (ADAG group) purchasing 40 per cent of its share worth Rs 70 crore (Rs 700 million), is now aiming at consolidating its position in the Indian express cargo market by acquiring smaller companies.
"This sector grows at annual rate of 35 per cent and is largely unorganised. We have aggressive acquisition plans. There are 2,500 players in the market of which hardly 10 are organised and hold about 45 per cent of marketshare," Chakraborty said.
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