Logistics firm Stellar Value Chain Solutions Pvt. Ltd is set to acquire Kolkata-based Innovative Logistics Services Pvt. Ltd for under Rs 100 crore in cash, a media report said.
The Economic Times reported that the acquisition will support Stellar’s entry into the express logistics segment and strengthen its network in India’s eastern region.
Stellar founder Anshuman Singh and Innovative managing director Mohan Jha confirmed the deal but didn’t disclose any details, the report said.
This is at least the second acquisition by Stellar Value Chain. The company had, in January 2017, acquired a majority stake in Kelvin Cold Chain Logistics for an undisclosed amount.
Stellar Value Chain was set up in 2016. It provides multi-user warehousing, distribution, e-fulfilment and cold storage facilities to companies in the food and beverages, consumer goods, consumer durables, electronics, lifestyle, automotive, pharmaceuticals and engineering industries.
Before starting Stellar, Singh was the chief executive officer at Future Supply Chain Solutions.
Innovative Logistics was incorporated in 2011. It posted net sales of Rs 93.84 crore and profit after tax of Rs 2.33 crore for the year through March 2017, according to VCCEdge, the data research platform of VCCircle.