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 a term sheet/Memorandum of Understanding for an investment in International Logistics Associates LLC (ILA). The company plans to purchase a 98% stake in ILA, which is engaged in freight contracting and other logistics-related activities. The objective of this acquisition is to expand and establish Velox's business operations in international markets, specifically in the United States of America. The equity value of ILA is USD 4,57,000 with a turnover of USD 42,25,927 in 2024. The cost of acquisition for Velox is USD 4,47,860. The acquisition is expected to be completed on or before December, 2026.