Buy / Sell Mahindra Logist share
Shares of Mahindra Logistics climbed over 3 percent as the company on Monday announced the acquisition of the B2B express business of Gurugram-based logistics firm Rivigo Services, which will help the company accelerate its capabilities in this area.
At 9:40 am, shares of Mahindra Logistics were trading at Rs 520, an up of 3.16 percent from the previous close on the BSE.
Mahindra Logistics Ltd (MLL)
has announced that it will acquire Rivigo's B2B express business and its technology platform through a business transfer agreement (BTA).
Rivigo will, however, retain ownership of its truck fleet and full truckload (FTL) operations. A robust client base and a full-service technology suite distinguish Rivigo's pan-India B2B express network. Currently, the express network covers more than 19,000 PIN codes across the country through more than 250 processing centres and branches.
"This will add significant strength to Mahindra Logistics' express business capability," the company said in a regulatory filing.
Mahindra Logistics offers supply chain solutions, integrating its third-party logistics, full truck-load transportation, warehousing, cross-border logistics, last mile and B2B express logistics services.
"This acquisition will enhance and strengthen our offerings and reach for our customers in the B2B express and PTL (partial truck-load) space. Team Rivigo has built deep capabilities, and we look forward to building on the strengths as we integrate the businesses," said Rampraveen Swaminathan, Managing Director and Chief Executive Officer, Mahindra Logistics.
“Rivigo has its foundation in the relay full truckload business, over the years, we have built a brand in the PTL / express services with pan-India network and technology and service backbone,” said Deepak Garg, CEO at Rivigo Services Pvt Ltd.
(With inputs from PTI)