Tata Group’s DIESL acquired by TVS Logistics

TVS Logistics Services Limited (TVSLSL) announced the acquisition of the Tata Group-owned Drive India Enterprise Solutions Limited (DIESL). As per the deal TVS will acquire 100 percent stake in Tata-controlled Rs.953-crore DIESL for an undisclosed sum.

“The combination would create one of the largest integrated logistics companies in India with a presence in multiple sectors and the ability to offer a wide range of services across the entire supply chain, from sourcing to last mile delivery. DIESL and TVSLSL together are poised to pose a strong challenge, over time to leading players in the world,” said a statement from DIESL. The deal is subject to all regulatory clearances. It will not only make TVSLSL the largest 3PL firm in India with total revenue of about Rs.4,000 crore (about $620 million) but also help the company have a larger play in the non-auto segment with new capabilities.