Latest News | TVS Supply Chain Solutions Sells Circle Express for Rs 21 Crore
Get latest articles and stories on Latest News at LatestLY. TVS Supply Chain Solutions Ltd on Friday said its wholly-owned arm RICO Logistics Ltd has sold the entire stake in subsidiary Circle Express Ltd, UK, for 2.1 million pounds (about Rs 21.32 crore).
New Delhi, Sep 29 (PTI) TVS Supply Chain Solutions Ltd on Friday said its wholly-owned arm RICO Logistics Ltd has sold the entire stake in subsidiary Circle Express Ltd, UK, for 2.1 million pounds (about Rs 21.32 crore).
The move is designed to boost the company's profitability and sharpen its focus on core offerings to its customers, TVS Supply Chain Solutions said in a statement.
Also Read | FSSAI Asks Food Vendors, Consumers To Stop Using Newspapers for Packing, Storing and Serving Food.
In a regulatory filing, the company said the entire stake in Circle Express Ltd was sold to Winever Industrial Enterprises (UK) Ltd.
"The sale of Circle Express is an important step as it found very little synergy with the core operations and represents an important step in our efforts to enhance our financial performance and sharpen our competitive edge," TVS Supply Chain Solutions Managing Director Ravi Viswanathan said.
"We are confident that this sale will allow us to allocate resources more effectively and focus on driving sustainable growth and profitability, thereby increasing shareholder value," he said.
By shedding this non-core asset, the company will align its strategic focus and resources with its core business objectives, the statement said.
(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)