Oricon Enterprises Limited (BSE:513121) agreed to acquire 1.95% stake in United Shippers Limited for approximately INR 55.2 million on December 26, 2022. Oricon Enterprises will pay the consideration in cash. Oricon Enterprises will increase its stake from 35,16,849 Equity Shares i.e. 98.05% to 35,86,745 i.e. 100.00% in United Shippers and United Shippers will become wholly-owned subsidiary of Oricon Enterprises.

United Shippers has turnover of INR 847.7 million for the year ended 2021-22. The transaction is expected to complete on or before January 31, 2023.