New Delhi, Apr 5 (PTI) Logistic firm Delhivery on Saturday said it will acquire a controlling stake in Ecom Express Ltd for a cash consideration of Rs 1,400 crore from its shareholders.

Delhivery in an exchange filing said the completion of the transaction is subject to approval from the Competition Commission of India, and customary closing conditions.

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Delhivery MD and CEO Sahil Barua said, "We believe this acquisition will enable us to service customers of both companies better, through continued bold investments in infrastructure, technology, network and people."

With this acquisition and its inherent synergies, businesses across India as well as the logistics industry itself will benefit immensely through the combination of two like-minded players, Ecom Express founder K Satyanarayana said.

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Delhivery is one of India's leading fully integrated logistics services providers.

Ecom Express is an end-to-end technology enabled logistics solutions provider to the Indian retail and e-commerce industry.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)