DTDC acquires 52% stake in Eurostar Express
Nitin Johari, CFO, Bhushan Steel Ltd, told NDTV Profit that the company’s volumes grew by 46 per cent during the fourth quarter of 2012-13. “We expect our debt to reduce going forward. We may look at equity issues to raise funds,” he said.
Home-grown express courier company DTDC has acquired a controlling stake in a Dubai-based courier company for Rs 4 crore, a top official said on Monday.
DTDC acquired a 52 per cent stake in Eurostar Express, which will help it expand operations in the Middle East and North African region, its director and head for international businesses Suresh Bansal said.
"We plan to use Dubai as a hub for trade in the entire GCC region to start with and then onwards to the MENA," he said, adding that the acquisition received a go-ahead from the local authorities over the weekend.
Eurostar Express is a subsidiary of the $500 million Eurostar Group, which has interests a lot of industries including satellite television and real estate, he said.
DTDC already had a presence in the UAE region through an office, which will now be expanded to 100-odd professionals and a fleet of about 60 vehicles, it said in a statement.
On other international plans, Bansal said the company is also negotiating a joint venture with a local partner for expanding into Australia.
