With this, the domestic road business of TNT will be part of the logistics segment of IEP. Besides, the senior management along with most employees of TNT India's road express business will be moving to the new IEP entity, an IEP release said.
"This acquisition is consistent with our 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," IEP Fund Advisors Chairman and Managing Director Sid Khanna said.
IEP has already three investments in logistics sector in companies like Fourcee Infrastructure, Swastik Roadlines and Ocean Sparkle.