Integrated logistics solutions provider Sical Logistics Ltd said it will acquire Mumbai-based PNX Logistics Pvt. Ltd for Rs 10 crore (around $1.5 million) in an all-cash deal.
Sical Logistics will acquire 60% stake in PNX Logistics by 1 August and the remaining stake on or before 30 June 2020, the company said in a statement.
The acquisition will help the firm enhance movement of express cargo across the country through PNX Logistics’ branches, it said.
PNX Logistics offers full truck load, less-than truck load, surface express, warehousing and third-party logistics.
In 2016-17, the firm made a turnover of Rs 39 crore. It has 52 branches in the country.
Sical Logistics provides port handling, surface logistics, container freight stations and cargo handling solutions.
It was acquired by Coffee Day Enterprises Ltd in 2011. Coffee Day Enterprises currently holds 52.83% stake in Sical Logistics through group firm Tanglin Retail Realty Developments.
In financial year 2016-17, Sical Logistics registered a net profit of Rs 45.54 crore on total revenues of Rs 824 crore.