Coffee Day arm Sical Logistics to buy majority stake in 2 logistics firms

Combined revenues of the two unnamed targeted firms is Rs 60 crore

Coffee Day Enterprises, which runs a coffee chain under the brand name Cafe Coffee Day, today said its subsidiary Sical Logistics will acquire majority stakes in two small-sized companies involved in logistics, and warehousing and distribution business.

"The company's subsidiary Sical Logistics Ltd has approved the proposal to initiate the process to acquire majority equity stake in a company in the express logistics business with an annual revenue of Rs 40 crore and to execute necessary agreements to proceed further in this regard," Coffee Day Enterprises said in a BSE filing.

It further said: "The Board of Directors of the subsidiary also approved proposal to initiate the process to acquire majority stake in a company in warehousing and distribution business with an annual revenue of Rs 20 crore and to execute necessary agreements to proceed further in this regard".

Coffee Day Enterprises, however, did not name the target companies.