Date: Thursday, July 29th, 2021
FedEx Express, the air and international unit of FedEx Corp. (NYSE:FDX), said Friday that it has made a $100 million equity investment in Indian transport and logistics firm Delhivery, and that the FedEx unit’s Indian operation will operate an integrated air-ground service with Delhivery in the country’s domestic and international markets.
Under the agreement, described by FedEx in a statement as “long-term” in duration, FedEx Express will offer international services to and from India. Delhivery and FedEx Express will provide pickup and delivery services across India, and the two will sell FedEx Express’ international portfolio in the Indian market, FedEx Express said.
FedEx will transfer some of its domestic Indian business to Dehlivery, FedEx said, without elaborating. Don Colleran, president and CEO of FedEx Express, will be nominated to join the Delhivery board of directors, FedEx Express said.
Memphis, Tennessee-based FedEx began serving India in 2002. Its Indian operation operates 38 weekly round-trip flights over three air gateways.
Delhivery, based in Delhi, was founded in 2011.