Delhiwari
Logistics Service Provider Delhivari Limited is acquiring Ecom Express Limited for about Rs 1,400 crore to increase its business. The company gave this information on Saturday. Deliveri said in a notice to the stock market that it has signed a certain agreement to get majority stake from its shareholders in Ecom Express Limited in cash of about Rs 1,400 crore. The board of Delhiri Limited has approved the deal. The board has approved the execution of the share procurement and other necessary documents between the Ecom Express and its shareholders.
The deal will be completed in 6 months
According to regulatory information, the deal is expected to be completed within the next six months. The Gurugram based Ecom Express business was Rs 2,607.3 crore in FY 2023-24. Whereas a year before that it was Rs 2,548.1 crore. Sahil Barua, MD and Chief Executive Officer of Delhi, said, “The Indian economy needs a continuous improvement in cost efficiency, speed and logistic access.” We believe that this acquisition will enable us to provide better service to customers of both companies through infrastructure, technology, network and continuous adventure investment in people.
Both companies will benefit
On the acquisition, Satyanarayana of the Founder of the Ecom Express said, “Delhiya is one of India’s leading logistics service providers.” He has large -scale operational benefits and will be an ideal shareholder for the next phase of development of Ecom Express. “The Board of Directors of Delhivari has approved to buy at least 99.4 percent stake of Ecom Express, for which a maximum of Rs 1,407 crore will be spent.
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