 "Piramal Finance to invest Rs 485 crore in Apollo LogiSolutions")
Piramal Finance Limited, the subsidiary of Piramal Enterprises Limited, will invest Rs 485 crore in integrated third party logistics (3PL) solutions provider, Apollo LogiSolutions (ALS). The investments were made through the Corporate Finance Group (CFG), erstwhile Structured Finance Group, of Piramal Finance Limited.
“The logistics space has been on our radar as a focus area for a while now. As is standard practice across our platform, we committed to an in-depth study of the sector over the past few quarters which culminated into this transaction. We look forward to more such transactions as we further scale up our investment focus towards this sector,” stated Khushru Jijina, managing director, Piramal Finance Limited.
Piramal Finance Limited will be a long term investor with the company as it seeks to scale up its operations over the coming years. Apollo LogiSolutions plans to use this capital in various capacities such as organic growth of existing business, ramping up of new business ventures as well as consolidation of ownership in various joint ventures.
Raaja Kanwar, vice-chairman & managing director, Apollo International Limited, added, “Apollo LogiSolutions has been one of the few organised 3PL integrated logistics players with multimodal capabilities and a wide geographical reach. We are pleased to partner with an organisation of such repute. This investment will boost our capabilities in providing end-to-end logistics solutions to our customers across India and internationally. Looking ahead, we believe that the logistics sector will be fuelled by increasing economic activity, and structural changes on account of GST rollout.”
Established in 2009, Apollo LogiSolutions provides end-to-end integrated logistics services through its strong global network spread across multiple locations.
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