DAMCO, a wholly owned, but free-standing AP Moller-Maersk logistics company, is on the hunt for acquisitions in India following a strong net profit in fiscal 2010 of US$5 billion.

The investment will support its subsidiary Damco India which carried 75,000 TEU across its business of supply chain management, freight forwarding, warehousing and trucking space, of which 65,000 TEU were attributed to its ocean freight forwarding arm.

The decision will grow the business with investments in warehousing and freight forward business, Damco Asia chief executive officer Lars Sorensen told London's International Freighting Weekly. "We will look at a player with an Indian base and with a significant presence in air and ocean freight." he said.