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GeoPost which is the express parcel arm of French postal service provider Groupe La Poste, and India's Continental Air Express on Thursday announced a joint venture so as to offer domestic as well as international parcel services to Indian customers.
The Foreign Investment Promotion Board (FIPB) recently approved the joint venture, DPD Continental International, in which GeoPost will hold a 60-percent stake.
The new entity will offer services only in New Delhi and Mumbai initially.
"The second phase will see operations being rolled out across several major cities including Bangalore, Chennai and Kolkata by the end of this year," the company said in a statement.
