MLM, the multi-billion-dollar global business model that allows companies to set up companies that make products for consumers, has bought 20 percent of India Post, the world’s largest mail service.
The company’s deal, announced Monday, is a major step toward expanding the company’s footprint in India.
“The merger is an important step towards expanding our footprint in the country,” India Post Chief Executive Vishal Upadhyay said in a statement.
Upadhyaya, who was named CEO of India’s dominant online portal portal Flipkart in March, will join the Post Group’s board.
A $10 million investment by the Indian government helped finance the transaction, the Post said in its statement.
The Post Group has more than 7,000 employees in India, according to its most recent filings with the Securities and Exchange Commission.
Its website includes a video highlighting the benefits of MLM.
“The new Post Group will bring the Post brand into a whole new era with a more diverse portfolio of products, services and services platforms, as well as a more differentiated approach to customer service,” Upadiyay said.