Mahindra Logistics Ltd. (MLL), a third party logistics (3PL) service provider and part of the Mahindra Group, said it had received an investment of Rs. 200 crore for a significant minority stake from private equity firm Kedaara Capital.
A joint statement said the investment was Kedaara Capital’s maiden investment, and “is an endorsement of the long-term growth potential of the Indian logistics sector.”
The Mahindra Group had identified logistics as a key focus area in 2009, and since then, MLL has been part of the $800 million Mahindra Partners division, which is a quasi-private equity division of the group. To date, the group has invested Rs. 30 crore in this venture.
“Kedaara will add significant value to our expansion plans as well as in evaluating and executing an acquisition-led growth strategy,’’ Pirojshaw Sarkai, CEO, MLL, said in a statement, adding, “this is a significant step towards an initial public offering (IPO) by 2017 and achieving our vision of being India’s most preferred integrated logistics service provider.’’ Third party logistics is one of the most attractive sub-segments of the Indian logistics industry.
