Latest News | Flomic Freight Services Completes Merger with Vinaditya Trading
Get latest articles and stories on Latest News at LatestLY. Logistics services firm Flomic Freight Services on Saturday announced completion of its amalgamation with the city-based BSE-listed firm Vinaditya Trading.
Mumbai, Nov 1 (PTI) Logistics services firm Flomic Freight Services on Saturday announced completion of its amalgamation with the city-based BSE-listed firm Vinaditya Trading.
The combined entity will operate under the name Flomic Global Logistics Ltd, it said in a release.
The market regulator has provided with the effective date for a change in the company's ticker symbol which will be announced at a later date, it added.
"We are excited to have completed this merger and our transition to a public company. With the completion of this corporate action, we believe that we are well-positioned to continue our growth and expansion drive," Managing Director Lancy Barboza said.
Also Read | LPG Cylinder Booking: Know New Rules For Home Delivery, Refill Booking Number.
He said the company is looking forward to delivering its mission to change the economic revenue model of the logistics business, which caters to large scale companies, to several small to medium-sized enterprises or SMEs.
A current report containing more detailed information regarding the merger transaction and the company's financing will be filed with the Securities and Exchange Board of India (Sebi), the release said.
Flomic Global Logistics Ltd has an aggressive growth plan to expand into tier-2 and tier-3 cities in India to cater to exporters and importers who will be taking advantage of 'Make in India' initiative of the central government, it said.
The company also plans to further expand its warehousing and third-party logistic activities to cater to the growing demand of customers, it said, adding that its thrust is on in-sourcing, instead of out-sourcing, so that all the links in the logistics chain can be catered in-house to provide all services under one roof.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)