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Maersk slammed on the brakes: termination of KLL logistics contract with India

Nov 15,2024

Early in the month, IndiaKaushalya Logistics（KLL) announced a deal with Maersk Line, the world's second-largest container shipping company, to manage Maersk's ground transportation needs in India, a move seen as aKLLAn important step in consolidating its position as a leading logistics provider.

However, this cooperation recently encountered an unexpected "sudden brake". AccordingTHE LOADSTARReported that due to a dispute with a third-party logistics company, Maersk quickly terminated its relationshipKLLof the transaction.

KLL, the Delhi-based company that claims to be in India70locations with branches, and Group revenue in the previous fiscal year was approximately1.75Billions of dollars. The company was accused of using its contract with Maersk to over-expand its market advantage to help its equity interests and participated in the initial public offering (IPO) Plan financing.

according to industry insiders,KLLIt was accused of over-exaggerating its role in the Maersk transport service, which Maersk considered a tactical foul. Last week,KLLThe announced contracts made headlines in India, including a filing with the National Stock Exchange of India.

KLLZeng said that the cooperation will leverage Maersk's extensive network to provide transportation solutions and improve operational efficiency for customers in various industries. Company PresidentUddhav Poddar.Also called this.KLLIn the vehicle transportation (FTL) "watershed moment" in the field ".

However, officials at Maersk India said,KLLThe statement misled the market, suggesting thatKLLAll inland transportation of Maersk will be handled. An executive of Maersk India told the media: "We have hundreds of transporters working for us,KLLJust one of them. claimKaushalyaIt is false to say that we will undertake all our land and water transportation."

According to Maersk's sources,KLLThe logistics arrangement is a regular contract,KLLThere is no actual transportation. In addition, Maersk is also consideringKLLTake legal action becauseKLLThe act violated the agreed terms of the contract. After Maersk announced the contract,KLLThe value of the stock has risen significantly.

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