Allcargo

Allcargo Logistics forms joint venture with Nordicon Group, expands in Europe

Post By : Basundhara Choudhury
Post Date : July 30, 2021
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Allcargo Logistics Ltd, leading integrated logistics solutions provider, today announced that it’s wholly owned subsidiary Allcargo Belgium NV. (Operating ECU Worldwide network), a global multi-modal logistics major, has signed a definitive Joint Venture agreement with Nordicon Group, the market leader in Nordics in LCL and rail consolidation. ECU Worldwide will hold a 65% share, while the balance of 35% will be held by the present owners of Nordicon. With this strategic investment, ECU Worldwide will now be a market leader with a near 40% market share of the less-than-container-load (LCL) business in the Nordic region.

This agreement expands ECU Worldwide’s service network and global reach further, adding new geography and a specialized rail freight consolidation service to expand further across Europe. This partnership will help better serve customers who are looking at flexible and time-bound logistics solutions in the Nordic region.

“The partnership with Nordicon is in line with our vision of consolidating our market leadership and working with entrepreneurial teams to expand into new territories who share our vision for digital innovation for the logistics sector. Nordicon is led by a strong and capable team, and we are very pleased to welcome them into the larger ECU Worldwide family. This partnership is a great way to scale the global business and better serve customers.”

~Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide and Gati Ltd

“Nordicon has an innovative asset-light rail consolidation business which opens new opportunities for ECU Worldwide across Europe,” said Ravi Jakhar, Chief Strategy Officer, Allcargo Logistics Ltd. “Nordicon’s integration with the ECU network will lead to incremental business revenue and margins at existing ECU offices across the world. This is a high value accretive deal for ECU Worldwide and Allcargo and will create value for stakeholders.”

ABOUT ALLCARGO LOGISTICS LTD.

Allcargo Logistics Limited, part of The Avvashya Group, is a reputed name in multimodal logistics solutions.

The company currently operates out of 300 plus offices in 180 countries. Allcargo today is one of India’s largest publicly owned logistics companies, listed on the BSE Limited {Scrip Code- 532749) and The National Stock Exchange of India Limited (Scrip Code-ALLCARGO).

ABOUT NORDICON

Nordicon is the leading neutral consolidation company in the Nordic region with offices in Sweden, Norway, Finland, and Denmark. From its own warehouse in Gothenburg, Sweden as well as local terminals in each country, the company organizes the consolidation of freight to more than 500 export destinations and from more than 300 import locations around the world.

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