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| Exchange Disseminated Time | With reference to the news item appearing in a leading financial daily titled "Amazon Inks Air Cargo Pact with Patel Logistics".
Patel Integrated Logistics Ltd has Clarified to BSE as under:
"there is no exclusive tie up with Amazon India but this is a regular business dealings with them like any other customers which deals with the Company.
Please note that our commercial relationship with Amazon India is non-exclusive and a purely customer to vendor based relationship like our other regular customers with whom we are dealing with. There were no negotiation of any nature besides rates as we share with any other customer in course of our normal business.
Please note that since e-commerce has been the flavor of the market for the last couple of months and Patel Integrated
Logistics Limited being a 50 year old listed company, the press had approached us and asked us for the list of e-commerce customers who we are dealing with. Therefore, we shared the existing information with them. Further with Amazon, we have a regular business contract for the last 5-6 months and there is an relationship as a regular customer only. There is no financial or non financial special arrangement in any manner is entered into with Amazon other than Vendor to customer relationship.
We would like to add that this is purely within the normal day to day business of our company. We also have no information announcement to make with respect to the Company's operation / performance which may have bearing on the price/volume behavior of the Company's share." |
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