Mumbai: Mahindra Logistics Ltd (MLL), one of India’s leading third party logistics service providers, on October 30 announced a partnership with Indian Vehicle Carriers Pvt Ltd (IVC), to be branded as 2x2 Logistics, aimed at launching assetized operations in outbound automotive logistics.
Mahindra Logistics will have a majority stake in ‘2x2 Logistics’, the new entity, which will initially invest in 100 specially designed car carriers to serve automobile and two-wheeler OEMs (Original Equipment Manufacturers). This partnership will allow MLL and IVC to further develop and expand their transportation networks, linking the North, West, South and East clusters of production and consumption of automobiles.
“This is the first time we will be significantly assetizing our business by investing in 100 car carriers to begin with, and then ramping up capacity. It will help strengthen our operating capabilities in automotive logistics, our largest target industry vertical, with a clear focus on technology, quality and corporate governance. Forming such partnerships with our business associates will be an important part of our growth and success.” Says Pirojshaw Sarkari, CEO, Mahindra Logistics.
MLL has been aggressively expanding its business with a focus on multiple industry verticals. In August, MLL acquired a majority stake in Lords Freight (India) Pvt Ltd soon after private equity (PE) firm Kedaara Capital bought a significant minority stake for Rs 200 crore in the logistics company.
