TVS Logistics acquires UK-based Rico LogisticsA prominent business group in Chennai, TVS Logistics Services has recently acquired 85% stake in UK-based Rico Logistics, a distribution and inventory management company. Going forward, both companies will operate under the brand, TVS Supply Chain Solutions.
The total cost of acquisition was Rs 100 crore, and has been funded through KKR fund (which invested Rs 265 crore in January 2012) and through internal accruals.
TVS Logistics currently has a turnover of Rs 2,500 crore and the acquisition of Rico Logistics would help the company add new service capabilities like ‘last mile connectivity’ and help TVS Logistics enter new service verticals like IT and telecom products service. Managing Director of TVS Logistics Services, R. Dinesh recently mentioned in a press note that there are three more acquisitions on the cards.