European majors pick 50 per cent in Tricon Shipping

Two European logistics majors – Rohlig of Germany and Gebruder Weiss of Austria – have jointly picked up a 50 per cent stake in Tricon Shipping, a Chennai-based freight forwarding company, for an undisclosed amount.

Tricon managing director BR Rangamani will hold his position in the newly-formed joint venture company comprising a five-member board – Weiss-Rohlig India – in which the European companies will have 25 per cent stake each. While Rohlig is a Euro 500-million company, Gebruder Weiss has a turnover of around Euro 1 billion.

“Tricon, which will hold the remaining 50 per cent stake, currently has its presence in the US. It will now focus on the European markets including the Netherlands, Austria, Germany and the UK,” Rangamani said, adding that the company had set a revenue target of Rs 500 crore in the next five years, from Rs 100 crore at present.