TVS Logistics acquires Wainwright Industries in Rs 50 cr deal

8220;With the acquisition of Wainwright,we are now covered most elements of capability and I think,it gives us cross docking and vendor management inventory capability which we have been speaking about,8221; TVS Logistics Services Managing Director R Dinesh told reporters here.

8220;What we have been trying to do is to acquiring overseas companies,which can give us those capabilities and then start deploying in Asian countries. This acquisition also help us to offer to our Indian clients,8221; he said.

Giving details about the transaction involved,Dinesh said,8221;Wainwright will be 100 per cent owned by us. So,initially we are paying about Rs 25 crore,but we end up at Rs 50 crore if they perform in two years8221;.

The acquisition of 65-year-old USD 20 million Wainwright Industries would allow TVS Logistics to offer its services inAsian countries besides bringing in more clients.

8220;I do not know how we could find a different partner other than TVS. The values,the beliefs of our company Wainwright are practically mirror images,8221; Wainwright

Industries,President,David Robbins said.

8220;We are very excited to be part of TVS. We believe that acquisition by TVS has set up us for what we think a very exciting growth within United States. We expect our revenues would grow from USD 20 million into USD 100 million in two years,8221; he said.