IEP acquires TNT’s Indian road business
India Equity Partners (IEP), through its logistics subsidiary, has acquired the Indian road operations division of Netherlands-based delivery services company TNT Express.
Under the deal, which is scheduled to close on December 20, the senior management and around 1,000 employees will continue to work for the business, and facilities, IT and systems and processes will be supported by TNT during the changeover process.
IEP will become TNT's "preferred partner for domestic road delivery in India."
News of this acquisition comes only months after another private equity firm, Apollo Global Management, was reportedly considering paying $100 million for a significant minority stake in Indian shipping firm Gati Group. Gati operates as a shipping and courier company that picks up, ships and delivers packages door-to-door. A competitor of TNT and other top delivery providers such as DHL, Fedex and UPS, it claims to have delivered 43 million packages in the 2009-2010 fiscal year, up 10 million from the previous year.
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