KKR & Co set to invest Rs 250 cr in TVS Logistics
The deal is expected to be announced in the next couple of days, according to reliable industry sources.
This will be the second round of fund raising by the Chennai-based TVS Logistics, part of the TVS Group. In 2008, it had raised about Rs 100 crore ($ 25 million) from Goldman Sachs and TVS Capital Ltd. Goldman Sachs picked up a significant minority stake in the company after the deal.
According to the sources, TVS Logistics will use the money to grow its business and for acquisitions. A leading provider of third-party logistics services, TVS Logistics is looking to expand its operations to all sectors of the logistics business. The aim is to offer all services in the sector. Kotak Mahindra Capital is advising the deal. Company officials were not available for comment.
TVS Logistics, which has grown with acquisitions in the UK, Europe and the US, is likely to end 2011-12 with a turnover of about Rs 1,200 crore. The company had earlier said that it was likely to go in for a public issue of shares in 2012. This round of investment by KKR will give it the scale before it goes in for a listing, according to the sources.
Source: Business Line
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