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| TVS Logistics acquires UK firm, plans IPO |
| BS Reporter / Chennai Nov 12, 2009, 00:22 IST |
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To enter China & Brazil by 2010
TVS Logistics Services Ltd (TVS LSL), part of the TVS Group, is planning to go for an initial public offering in the next 2-3 years. The company on Wednesday announced the acquisition of UK-based Multipart Holding, an aftermarket service provider.
“We had acquired Multipart Holding last month and are scouting for more such opportunities in the logistic space. Our immediate target is to foray into China and Brazil by 2010 and go for an IPO in 2-3 years,” said Suresh Krishna, chairman, TVS Logistics Services Ltd.
He did not comment on the acquisition cost of Multipart.
The acquisition of Multipart would help TVS LSL expand its operations to Defence and utility services both in India and overseas.
It is also looking at offering logistics solutions for fully built vehicles.
The company has set a target of a Rs 1,000-crore turnover by the year 2010 and is planning to double it by 2012.
According to him, the growth will be facilitated through acquiring companies globally and joint ventures formed in the last few years. Further, it has started providing services to companies, which have discrete component manufacturing, he said.
TVS Logistics managing director R Dinesh said they would invest Rs 125 crore in the next two years for creating infrastructure and other facilities.
Asked whether Multipart would be merged with TVS LSL, Dinesh said the company would be a 100 per cent subsidiary.
Multipart, which employs 250 staff, registered a turnover was Rs 448 crore last year. Of this automotive business accounted for Rs 280 crore, while Defence contributed Rs 144 crore and utility business Rs 24 crore, said Chris Gateley, managing director, Multipart. Gateley would continue with the company as chief executive officer.
TVS LSL will also look at further consolidating its presence in India, US and Europe through joint ventures and acquisitions.
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