News: TNT acquires India's Speedage Express Cargo

(RTR 01/09/2006) Amsterdam - Dutch mail firm TNT NV said on Friday it has acquired Indian company Speedage Express Cargo Services, making it a major player in a fast-growing market.

TNT said the acquisition will put it among the top three companies in India's road express market. It did not disclose the price of the acquisition.

"The combined revenues in TNT in India after this acquisition will be approaching 100 million euros ($129 million) in 2007," Chief Executive Peter Bakker said in a statement.

TNT has said it aims to focus on mail and express delivery, which accounts for about a quarter of group revenues, and last month sold off its underperforming logistics business for 1.48 billion euros.

Speedage posted turnover of 17 million euros ($21.84 million) in the 2005/2006 financial year, TNT said.