Mahindra Logistics has entered into a Business Transfer Agreement (BTA) with MLL Express Services (MESPL), wholly-owned subsidiary of the Company for sale/transfer of the Express Network business of the Company as a going concern on slump exchange basis to MESPL, effective April 01, 2023, for a lump sum consideration of Rs 20.8 crore to be discharged by MESPL through issue of equity shares to the Company, on the terms and conditions more specifically defined in the BTA. The expected date for completion of the sale/transfer is on or before July 31, 2023.
There would be no change in shareholding of the Company in MESPL consequent to the slump exchange and MESPL would continue to remain wholly-owned subsidiary of the Company.
Mahindra Logistics provides logistics solutions, warehousing facilities, freight forwarding and supply chain management services. It also provides people transport solutions, a specialised line of business which helps corporate clients move employees to and from the workplace.
