FedEx to buy India’s AFL and its affiliate

(BestGrowthStock) – FedEx Corp (FDX.N: ) said its unit FedEx Express will buy smaller Indian rival AFL Pvt Ltd and its affiliate Unifreight India Pvt Ltd.

The U.S. logistics company said the deal will give the company a more robust domestic ground network but it did not provide the value of the deal.

“The acquisition supports our long term strategy to grow our international business and better serve our customers seeking to expand or enter the Indian market,” FedEx Express Chief Operating Officer Michael Ducker said in a statement on Wednesday.

FedEx expects the deal to close in its third fiscal quarter, which ends in February 2011.

(Reporting by Sakthi Prasad in Bangalore; Editing by Anshuman Daga)

FedEx to buy India’s AFL and its affiliate