Anil picks up 31% in logistics firm BLR

NEW DELHI: In its first private equity investment in a logistics firm, Anil Ambani’s Reliance Capital has picked up a 31% stake in BLR India.

This Rs 175 crore Mumbai-based firm offers manifold transport and logistics services and is among the largest players in corporate surface transportation.

While confirming the acquisition, an official spokesperson decline to divulge the transaction value.

BLR is the first investment by Reliance Anil Dhirubhai Ambani Group in any major logistics company; Reliance Capital already owns a 44% stake in the courier and cargo business of DTDC.

Among the top five logistics companies in India, BLR owns over 250 vehicles including a truck fleet of more than 130. It contracts another 800 on a daily basis.

With a network of more than 50 offices across the country, BLR’s client list includes DuPont, Honda Siel Cars, Owen, Samsung India and Sony India.

BLR’s specialised services include over-dimensional cargo (ODC) and Exim transportation as well as government-approved bonded warehousing and bondedtrucking services. The company, which was started in 1968 by L C Goel, is expected to use the funds raised through this transaction for investing in warehouses, trucks and trailers. Tower Capital was the investment advisor to the deal.