Friday announced that it’s wholly owned subsidiary Allcargo Belgium NV. , a multi-modal logistics major, has signed a joint venture agreement with Swedish logistics company Nordicon Group

Allcaro Belgium operates ECU Worldwide. It will hold a 65% share in the jv, while the balance of 35% will beheld by the present owners of Nordicon.

“With this strategic investment, ECU Worldwide will now be a market leader with anear 40% market share of the less-than-container-load (LCL) business in the Nordic region,” said a statement.

This agreement expands ECU Worldwide’s service network and global reach further, adding new geography and a specialized rail freight consolidation service to expand further across Europe.

Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide, and Gati Ltd., said, “The partnership with Nordicon is in line with our vision of consolidating our market leadership and working with entrepreneurial teams to expand into new territories who share our vision for digital innovation for the logistics sector,” said Shashi Kiran Shetty, chairman, Allcargo.