Steller Value Chain, a Mumbai-based logistics company, will buy Patel Integrated, a surface transport business in its third acquisition, as per the signed agreement.
The acquisition will amount to INR 38.50 crore, said the surface transport company, Patel Integrated, in a regulatory filing, as reported by the Indian daily news, VC Circle. The acquisition is likely to take place by the end of June.
Patel Roadways earned revenue up to INR 153.53 crore in the FY2017-18 and the earned revenue is termed as 36 per cent of consolidated revenue of surface transport business, Patel Integrated.
The acquiring company, Patel Integrated has said that the sale (of business) will aid the company to pay out its loans, improve profitability, decrease overhead expenses and enable growth opportunities, as reported by the Indian daily news, VC Circle.
Anshuman Singh, Ex-Chief of retailing company, Kishore Biyani, initiated Stellar in 2016. After administering the logistic company, Warburg shortly agreed to invest in Stellar up to INR 835 crore.
For acquiring Patel Integrated, Stellar will carry out the transaction through its entirely owned firm, Innovative Logistics Service. The company had acquired Innovative Logistics in 2018. Prior to the acquisition of Innovative Logistics, Stellar had procured Kelvin Cold Chain Logistics in 2017.