Kishore Biyani-owned Future Group’s Future Supply Chain Solutions will acquire Snapdeal’s logistics arm Vulcan Express Pvt Ltd in an all-cash deal valued at Rs 35 crore, the company has announced. The group plans to boost its last mile capabilities and offer better solutions to its e-commerce and retail clients through Vulcan, Biyani said in a statement.
Snapdeal is divesting off a non-strategic asset, allowing it to focus its capital and management on its core e-commerce business, said the company’s chief strategy and investment officer Jason Kothari. Future Group gains high-quality pan-India end-to-end e-commerce logistics capabilities, and Vulcan secures a great new home for its business, Indian media reports quoted him as saying.Kishore Biyani-owned Future Group's Future Supply Chain Solutions will acquire Snapdeal's logistics arm Vulcan Express Pvt Ltd in an all-cash deal valued at Rs 35 crore, the company has announced. The group plans to boost its last mile capabilities and offer better solutions to its e-commerce and retail clients through Vulcan, Biyani said in a statement.#
Future Retail executed a share purchase agreement with Shoppers Stop last October for its Rs-655-crore acquisition of Hypercity Retail in a stock-and-cash deal. It will fully acquire Travel News Services India in a Rs 100-crore deal, it announced recently.
Formed in 2014, Vulcan provides end-to-end logistics services pan-India and services 2,000 pin codes in 100 cities. (DS)
ALCHEMPro News Desk – India
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