SoftBank likely sold 2.5% stake worth Rs 747 cr in Delhivery
Around 1.8 crore shares of Delhivery changed hands at Rs 403 per share.
FedEx Express, a leading global express transportation company from FedEx Corp, will invest USD 100 million in the e-commerce logistics platform Delhivery.
FedEx Express India and Delhivery have entered into equity and commercial agreements that will utilize their combined strengths to unlock India’s international trade potential.
The completion of this transaction is subject to closing conditions, including regulatory approval, a company statement said on Friday.
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As part of the collaboration, FedEx will make a USD 100 million equity investment in Delhivery, and the companies will enter into a long-term commercial agreement.
“India is a strategic priority for FedEx. This strategic alliance will support our long-term vision to grow our India business and serve customers seeking to expand in or enter the Indian market, as well as provide opportunities to develop product and technology solutions together with Delhivery for the benefit of our customers,” said Raj Subramaniam, President and Chief Operating Officer of FedEx Corp.
FedEx Express will focus on international export and import services to and from India. Delhivery will, in addition to FedEx, sell FedEx Express international products and services in the India market and provide pick-up and delivery services across India.
FedEx will transfer certain assets pertaining to its domestic business in India to Delhivery.
Additionally, Don Colleran, President and CEO of FedEx Express, will be nominated to join the Delhivery Board of Directors as a further sign of collaboration between the two companies.
“We are excited to partner with FedEx and look forward to the synergies created between Delhivery’s capabilities in India and FedEx’s global network. Our aim is to bring new products and opportunities to Indian and global businesses and consumers through unique access to our networks and our technology and engineering capabilities,” said Sahil Barua, Co-founder, and Chief Executive Officer, Delhivery.
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