Mauritius-based private equity firm India Equity Partners (IEP) through its Logistics subsidiary, has acquired the domestic road express business of TNT India (TNT Express) for an undisclosed amount.
Under its new ownership, domestic road business of TNT and senior management along with most employees of TNT India's road express business will be a part of IEP's logistics business led by chief executive Abhik Mitra, who previously served as MD of TNT India.
TNT's domestic road express business has a strong network, resulting in a well-known and diversified list of customers, which includes global players as well as large and medium-sized domestic companies.
The company said that four companies contest 50% of the share of a INR21bn ($396m) market that grew by more than 20% last year.
IEP Fund Advisors chairman and MD Sid Khanna said the company is excited by this acquisition and it is consistent with its strategy of investing in Logistics and Infrastructure Services.
"In the Logistics sector, we see tremendous growth opportunities for mid-sized companies with the required management and capital, to scale rapidly and become market leaders," Khanna said.
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