Chennai: UPS has announced further investment to attain full ownership in its express services unit in India. The company previously held a majority position in an express services joint venture, which exclusively served UPS’s international express small package shipping business in India.
A release from UPS stated that its move to obtain full ownership, along with planned network upgrades, demonstrates the company’s commitment to invest strategically in high-growth international markets and countries with expanding economies such as India, one of the world’s fastest growing economies.
“The World Bank tells us that the global economy will expand by $6.5 trillion between 2017 and 2019. India will be the third-highest growth country with itsgross domestic product (GDP) expected to account for 8.6 per cent of this expansion. In recent years, India has emerged as a key player in the shipping and logistics sector and UPS is poised to play a leadingrole in supporting international trade and supply chain related needs,” said president for Indian subcontinent, Middle East and Africa (ISMEA), UPS, Rami Suleiman.
Over the past several years, UPS has invested heavily in building its air freight services. The company has acquired new capabilities, technology and expertise and has implemented new performance standards to increase its overall operational capacity, the release stated.
Recently, UPS inaugurated a facility at Hyderabad to provide integrated services for small package, supply chain solutions and contract logistics, which offers greater efficiency and competitiveness to businesses.
In April, UPS continued its investment strategy in India by enhancing its network with the opening of another integrated logistics facility in Ahmedabad. UPS, moves approximately three per cent of the world’s GDP and reaches 220 countries and territories daily.