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French postal firm to acquire Indian freight service firm
By siliconindia
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Tuesday, 03 February 2009, 22:43 IST
New Delhi: French government-owned postal services firm Geopost is acquiring Indian freight service company Continental Air Express. The French firm has got the approval from the finance ministry of India to go ahead with the take over. As per the deal, Geopost would acquire 60 percent in Continental Air Express, reported The Economic Times.
Earlier, Foreign Investment Promotion Board (FIPB) had rejected the proposal in the light of strong objections from the department of post (DoP) that the French firm is trying to make a back-door entry into India and violating global postal conventions.
According to DoP, any postal operator seeking to establish postal services operation outside its own national territory would require an 'agreement' from the respective member of the Universal Postal Union (UPU) as per the global regulation. In this case, it would imply an agreement with India, which is an UPU member.