Apollo LogiSolutions raises Rs 485 cr from Piramal Finance

Apollo LogiSolutions (ALS) today said it has raised Rs 485 crore fund from Piramal Finance Ltd.

Piramal Finance is a subsidiary of diversified firm Piramal Enterprise Ltd.

The investments were made through the Corporate Finance Group (CFG), erstwhile Structured Finance Group, of Piramal Finance, the company said in a statement.

The funds will be used for ramping up new business ventures as well as consolidating ownership in various joint ventures along with organic growth of existing business.

"This investment will boost our capabilities in providing end-to-end logistics solutions to our customers across India and internationally," ALS Managing Director Raaja Kanwar said.

The company said Piramal Finance will be a long-term investor with the company.

"We look forward to more such transactions as we further scale up our investment focus towards this sector," Piramal Finance Managing Director Khushru Jijina said.

Established in 2009, Apollo LogiSolutions is an integrated logistics solutions provider and a subsidiary of Apollo International.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)