Chennai: Stellar Value Chain Solutions Pvt. Ltd. (Stellar), an external logistics company, has acquired 100 percent of the Patel Roadways division, the land transportation arm of Patel Integrated Logistics Ltd. (PILL) announced.
According to a press release, Innovative Logistics Services Pvt. Ltd., a wholly-owned subsidiary of Stellar, will acquire Patel Roadways including the Express, Less-than-Truck-Load (LTL) and Full-Truck-Load (FTL) segments through a burglary sale in an all-cash deal .
Stellar previously acquired Kelvin Cold Chain Logistics and Innovative Logistics Services.
Chairman and MD, Stellar Value Chain Solutions, Anshuman Singh, said, “At Stellar, our ongoing pursuit is to achieve value chain transformation for all of our customers, unlocking economic value and acting as a catalyst to not just one organization, but to build a Stellar India through first-class infrastructure and technology-based processes. With Patel Roadways, this is our third acquisition since it was founded in 2016. The US private equity firm Warburg invested US $ 125 million in the company in 2016 in order to secure a majority stake. “