Freight Brand

Sri Lankan President Maithripala Sirisena (L) and Sri Lankan Prime Minister Ranil Wickremasinghe gesture as Sri Lankan Finance Minister Ravi Karunanayake (unseen) presents a supplementary budget to parliament, marking the first economic policy statement of the new government which came to power earlier in the month in Colombo on January 29, 2015. Sri Lanka's new government announced hefty taxes on top companies in a bid to raise revenue, accusing the previous regime of fudging the figures and leaving the economy in a "sad state". AFP PHOTO / Ishara S. KODIKARA (Photo credit should read Ishara S.KODIKARA/AFP/Getty Images)

Sept 07, 2007 (LBO) – Sri Lanka’s Hayleys conglomerate is setting up its own freight forwarding operation under a new brand name in India after parting company with its joint venture Indian partner, company officials said. “We’re doing it on our own without any partnership,” an official said. “We’re setting up a new operation – our own offices in India and elsewhere – which will do the international freight forwarding for us.”

Hayleys is still keen to exploit emerging opportunities in the logistics market on the Indian sub-continent.

Hayleys had a joint venture logistics operation called Haytrans with its Indian partner, Transworld Group.

Haytrans had invested in 49 percent of the shares in Haytrans India with the rest held by Transworld.

Likewise, Haytrans had 40 percent of the shares of Haytrans Lanka with the balance 60 percent held by Hayleys.

The two joint venture partners have now sold out their shares in the businesses to each other for an undisclosed price and the joint venture holding company is being wound up.

“We are now re-branding our business. Haytrans is being replaced with a new brand name called ‘Civaro’,” the official said.

Officials said the two joint venture part