Velox Shipping and Logistics Ltd to Acquire 98% Stake in International Logistics Associates LLC for USD 4,47,860

Velox Shipping and Logistics Ltd, formerly known as Velox Industries Limited, has signed an agreement to invest in International Logistics Associates LLC (ILA) for the purchase of a 98% stake. The agreement was signed following the completion of procedural requirements. The ILA is engaged in providing freight contracting and other logistics-related activities. The acquisition is aimed at expanding and establishing Velox's business operations in international markets, specifically in the United States of America. The ILA's turnover for the year 2024 was USD 42,25,927 with a profit of USD 1,20,369. The cost of acquisition for the 98% stake in the ILA is USD 4,47,860. The acquisition is expected to be completed on or before December, 2026.