TVS Logistics acquires Rico Logistics of the UK
21 Feb 2013
Chennai, February 21, 2013: In line with reaching its target of achieving a $1 billion turnover by 2015, TVS Logistics Services has acquired the UK-based Rico Logistics for Rs 100 crore.
The acquisition helps TVS Supply Chain Solutions (TVS Logistics’ European wing) add key capabilities like ‘last-mile rapid response’ and new service verticals such as IT, telecom and medical that can further strengthen its services to customers globally. This is the third major acquisition by the company in UK after CJ Components in 2004 and Multipart Holdings in 2009.
The acquisition of Rico was conducted through the holding company – TVS Logistics, UK – and will retain Rico’s existing workforce of 450 employees and look to add more heads. TVS Supply Chain Solutions also confirmed that Rico’s current managing director, Sanjive Sharma, will continue to oversee the company. With this, the employee strength of TVS Logistics in Europe will exceed the 2,000 mark.
R Dinesh, managing director, TVS Logistics Services, said, “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.” Sanjive Sharma, managing director, Rico Logistics, added, “This gives Rico tremendous potential of expanding its offering across Europe and the globe, with a major partner, who has both the credibility and financial standing in this highly exciting industry sector.”
Photograph: L-R: Sanjive Sharma, MD, Rico Logistics; S Ravichandran, executive director, TVS Logistics Services, R Dinesh, MD, TVS Logistics Services; and Mike Nithavrianakis, British Deputy High Commissioner.