Kintetsu Express dissolves joint venture with Allcargo Logistics in India

Kintetsu World Express (KWE) will transfer all of its shares in Gati-Kintetsu Express (GKE) of India to its joint venture partner, Allcargo Logistics (AGL). Kintetsu Express has been aiming to expand its core forwarding business by acquiring a domestic logistics business in India through a joint venture with AGL via GKE, but after careful consideration of future market trends and the business environment and after repeated discussions with the joint venture partner, Kintetsu Express has decided to sell its entire holding of GKE shares and dissolve the joint venture. The sale of shares will take place in March 2023. After the dissolution of the joint venture, we will continue to pursue business growth with AGL as a business partner.