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Rivigo's B2B express division expected to be acquired by Mahindra
Rivigo Services (RSPL) and Mahindra Logistics (MLL) announced that they had struck an agreement for the former to sell its B2B express business to the former for Rs 2.25 billion. The transaction is anticipated to close on or before November 1.
According to the terms of the contract, MLL will purchase the express business through a Business Transfer Agreement (BTA), including the clients, personnel, and assets of Rivigo's B2B express business, as well as RSPL's technological infrastructure and the Rivigo name. The rights to the full truckload (FTL) operations and the RSPL truck fleet will both remain its property.
Utilizing Rivigo's robust network, technology, and process skills, this acquisition will strengthen Mahindra Logistics' current B2B express business. Over 19,000 pin codes are currently covered by Rivigo's B2B express network across the country. Their more than 250 processing facilities and branches, covering more than 1.5 million sq ft, will significantly strengthen MLL's express business potential.
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