India's Shreyas Shipping & Logistics is buying Balaji Shipping Lines from its parent Transworld.
It said its wholly-owned subsidiary Shreyas Relay Systems (SRS) will acquire 99.99% of the Dubai-based company.
The deal will be paid for by issuing SRS shares to Transworld. Shreyas will then hold less than 50% of SRS.
The company said Balaji is one of the leading carriers of refrigerated and dry cargo between the Indian subcontinent and the Middle East.
It
