Shreyas acquires 51% Lankan Haytrans

Local shipping co- mpany Shreyas Shipping and Logistics has acquired the 51% stake it didn’t previously own in Sri Lankan transportation and freight forwarding company Haytrans for an undisclosed amount, giving the parent Transworld Group full ownership of the assets according sources.

Shreyas picked up the 51% from the promoters, Hayleys Group of Sri Lanka. The remainder was with Shreyas’ parent Transworld.

Haytrans chief executive officer Shehan Paranavitane said the “demerger” has gone through but declined further details. “We are continuously looking at organic as well as inorganic expansion in the logistics space,” said executive director, Shreyas, Anil Devli.

Shreyas is a private sector container feeder operator, which runs ships on shorter routes linking various Indian ports to other larger ports nearby ports such as Colombo, Singapore and Dubai.

Due to depth restrictions, Indian ports cannot accommodate large container ships. As a result, almost all mainline operators depend on feeder operators such as Shreyas to take their goods to larger ports.

Haytrans has a presence in international freight forwarding with a worldwide network of about 20 offices.

This acquisition would give Shreyas a readymade clients list apart from allowing it to spread its wings to international locations including China and Russia.

The share price of Shreyas on the Bombay Stock Exchange fell by 1.79% to Rs. 90.55 on Tuesday.

Courtesy. Livemint.com