TVS Logistics gets $53 million equity funding

Chennai, April 19 (IANS) Logistics major TVS Logistics Services Ltd Thursday announced that an agreement with an affiliate of Kohlberg Kravis Roberts & Co LP (KKR) and Goldman Sachs has been reached for an investment of Rs.2,688 million (around $53 million) in the company.

"KKR a leading global investment firm will invest Rs.2,424 million (around $47 million). Goldman Sachs, a leading global investment bank and initial outside investor in the company, will make an add-on investment," said TVS Logistics in a statement issued here.

According to TVS Logistics, the primary proceeds will be used to further expand the company's logistics business.

This is the second time TVS Logistics has successfully received private equity funding. In 2008, Goldman Sachs made an initial investment in the company.

"We decided to go for the second round of funding because we see the market potential and opportunity for us to expand and grow globally," the statement quoted TVS Logistics managing director R. Dinesh as saying.

"The additional investment will allow TVS Logistics to continue its expansion both through acquisitions and organic growth. Besides growing with our existing customer base, we also look forward to our private equity investors Goldman Sachs and KKR helping us expand our capabilities and geographic footprint," he added.