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Kedaara Capital, the India-focued private equity fund, has acquired minority stake in Mahindra Logistics, part of the $16.7-billion Mahindra Group, for Rs 200 crore. This is Kedaara Capital's maiden investment. It has raised a substantial amount of over $540 million in October 2013.
Mahindra Logistics Limited (MLL), a subsidiary of Mahindra & Mahindra Ltd, is leading Third Party Logistics (3PL) service provider. In 2009, after Mahindra Group identified logistics as a key focus area, MLL has been part of the Mahindra Partners division, the $800 million quasi private equity division of the Mahindra Group.
Pirojshaw Sarkari, CEO, MLL, said, "Kedaara will add significant value to our expansion plans as well as in evaluating and executing an acquisition led growth strategy. This is a significant step towards an IPO by 2017 and achieving our vision of being India's most preferred integrated logistics service provider."
Kedaara Capital, set up by Manish Kejriwal (former India head of Temasek Holdings), Sunish Sharma (former managing director of General Atlantic India) and Nishant Sharma in October 2011, had roped in UK-based PE firm Clayton, Dubilier and Rice (CD&R).
