TVS Logistics acquire UK based Rico Logistics for Rs 100 crore

MUMBAI: TVS Logistics on Wednesday said that the company has acquired 85% stake in UK based Rico Logistics for Rs 100 crore as it looks to strengthen its foothold in Europe.

The acquisition is the third by the company in UK after CJ Components in 2004 and Multipart Holdings in 2009.

"The Rico acquisition helps us to add a number of new capabilities and allows us to offer new solutions to our existing and new customers in markets like India and other parts of Asia." R Dinesh, MD, TVS Logistics Services said.

The company is now looking at a turnover of $1 billion by 2015 from its current turnover of Rs 2,500 crore.TVS Logistics is also looking to acquire three more companies as part of its expansion plan by May this year.