TVS Logistics, India's leading third-party logistics player, and
Future Supply Chain Solutions, promoted by
Future Group and owned by
Kishore Biyani, are both willing to acquire
Vulcan Express, the logistics unit owned by New Delhi-based ecommerce firm
Snapdeal.
Both parties are presently holding independent talks with
Snapdeal and Vulcan Express’s parent company Jasper Infotech, so that they can either acquire or pick up a majority stake in the three-year-old venture.
The value of the apparent deal could not be estimated.
However, the race to acquire
Vulcan doesn’t only involve these two leading players. Two private equity firms, which specialise in buyout deals, are also aiming to get hold of the logistics unit.
Whoever the buyer is, the deal would be closed before July, which is when the GST rolls out, said
ET sources.
The development has come at a time when Snapdeal's investors, led by Japan-based
SoftBank Corp, are looking to sell it to rival ecommerce firm
Flipkart in a deal estimated to be worth about $1 billion. Snapdeal’s digital payments platform
FreeCharge is also up for sale and players like
Flipkart,
Paytm and Mobikwik are all bidding for it.
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