Velox Shipping inks pact to acquire 100% stake in Divinus Express Logistics

Velox Shipping and Logistics has signed an agreement with respect to strategic investment in Divinus Express Logistics (Divinus) for purchase of 100% stake therein following the completion of the procedural requirements. The investment in acquiring a 100% stake in Divinus is a strategic initiative to expand operational capacity within the existing market and strengthen the company's overall market position.

The company proposes to acquire a majority stake, around 63%, in Divinus at the outset, with the acquisition of the remaining equity stake that is around 37%, which will be completed over period of three years, and in any event on or before December 2029. Cost of acquisition for around 63% stake is Rs 5 crore.

Divinus is engaged in providing services of freight contracting, shipping agency services, other related freight and logistics related activities.