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Posted on Feb 21, 04:58PM | IANS
Chennai, Feb 21 : TVS Logistics Services has acquired Britain-based Rico Logistics paying about Rs.100 crore and will buy out a couple of more firms, a top company official said Thursday.
"The company has been looking at inorganic growth. The acquisition of Rico Logistics will help in adding new verticals to the company," R. Dinesh, managing director of TVS Logistics, told reporters here.
Focusing on the automobile segment, the Rs.2,500 crore turnover TVS Logistics will now add newer verticals like information technology (IT) and telecom, he said.
This is the third acquisition by TVS Logistics in Britin after CJ Components in 2004 and Multipart Holdings in 2009. These two companies are now functioning under one brand - TVS Supply Chain Solutions (TVS SCS).
Dinesh said that few more acquisitions were in the pipeline.
TVS Logistics is aiming to have a turnover of $1 billion by 2015.
Rico Logistics' managing director Sanjive Sharma said the acquisition by TVS Logistics would help the company expand its offerings across Europe and the globe.
Rico Logistics, which started in 1988, has grown from a same-day courier company to an ambitious pan-European logistics company with a turnover of around Rs.380 crore.