Allcargo Logistics Ltd., India’s largest integrated logistics solutions provider, 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.
Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide, and Gati Ltd., said, “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.”