Shreyas Shipping acquires Balaji Shipping

India’s Shreyas Shipping & Logistics has announced that its board has approved a plan for subsidiary Shereyas Relay Systems to acquire a 99.99% stake in Balaji Shipping Lines via the issuing of new shares to its parent Transworld Holdings.

Dubai-headquartered Balaji Shipping Lines is engaged in refrigerated and dry cargo transport between the Indian subcontinent and the Middle East.

Shreyas Shipping said the company would be able to extend its reach internationally and become a global logistics player offering door to door multimodal cargo transport service upon completion of the deal.