Mahindra Logistics To Acquire Rivigo's B2B Express Cargo Business
Rivigo's B2B express business had a turnover of Rs 371.3 crore in fiscal 2022.
Mahindra Logistics Ltd. will acquire Rivigo Services Pvt.'s business-to-business express cargo service unit on a slump-sale basis.
The company will acquire the business for Rs 225 crore, according to an exchange filing.
Rivigo operates in two key business segments: full truckload and B2B express business. Its B2B express unit had a turnover of Rs 371.3 crore in the year through March.
"The acquisition will augment the company’s existing B2B express business leveraging Rivigo’s strong network of 250+ processing centres and branches, spanning an area of more than 1.5 million sq.ft., technology and process capabilities and will drive synergies in network, team and customer service," the filing added.
The acquisition will be completed before Nov. 1