Chennai: Stellar Value Chain Solutions Pvt. Ltd. (Stellar), a third-party logistics services company, has announced the 100 per cent acquisition of “Patel Roadways” business, the surface transportation arm of Patel Integrated Logistics Ltd. (PILL).
Accoding to a release, Innovative Logistics Services Pvt. Ltd., a 100 per cent subsidiary of Stellar will acquire Patel Roadways including Express, less-than-truck-load (LTL) and full-truck-load (FTL) segments by way of slump sale in an all cash deal.
Stellar had earlier acquired Kelvin Cold Chain Logistics and Innovative Logistics Services.
Chairman and MD, Stellar Value Chain Solutions, Anshuman Singh, said, “Our constant endeavour at Stellar is to bring about value chain transformation for all our customers releasing economic value and act as a catalyst to build not just an organisation, but a Stellar India through world class infrastructure and technology enabled processes. With the Patel Roadways, this becomes our third acquisition since inception in 2016. US private equity firm Warburg invested $125 million in the company in 2016 for securing a majority stake.”