Singapore, 28 May-2014, Reuters: A unit of Chinese e-commerce giant Alibaba Group Holdings Ltd will…
New Delhi(PTI): E-commerce giant Alibaba has partnered with the overseas subsidiary of Gurgaon-based Allcargo to provide logistics services.
The move will help the Chinese firm make faster deliveries to customers, including those in India.
“Our overseas subsidiary company has entered into an arrangement with Alibaba for providing its logistics services in China region… Players in e-commerce business have never been a customer of the company and with an intent to leverage the benefits of e-commerce into our business, the company has tied up with Alibaba in logistics space,” Allcargo said in a filing to the BSE.
No financial details were, however, disclosed.
As per the arrangement, Allcargo will provide its logistics services to Alibaba for transporting Less than Container Loan (LCL) consignments from China region to rest of the world.
“The proposed tie up with Alibaba is part of our ordinary course of business and will not have any major or substantial impact, operational, financial or otherwise,” it said.
The company works with customers across sectors like pharmaceuticals, healthcare, FMCG, engineering, textile, IT, oil and natural gas, power and wind mills, manufacturers etc.
Alibaba has been aggressively looking at tapping the Indian market.
Earlier this year, Alibaba Group had entered the Internet business in India by buying stake in One97, owner of Paytm that facilitates online bill payments.