The decision to divest this asset aligns with TVS SCS’s commitment to deliver superior value to its shareholders and optimise its business portfolio.
National, September 29, 2023: TVS Supply Chain Solutions Limited (NSE: TVSSCS BSE: 543965), a global supply chain solutions provider and one of the largest and fastest-growing integrated supply chain solutions providers in India, announced the sale of Circle Express through its UK subsidiary RICO Logistics, in a move designed to boost the company’s profitability and sharpen its focus on core offerings to its customers.
The decision to divest this asset aligns with TVS SCS’s commitment to deliver superior value to its shareholders and optimise its business portfolio. By shedding this non-core asset, the company will align its strategic focus and resources with its core business objectives.
The sale was completed for a transactional value of £2.1 million (approx. INR 21.32 crore).
Mr. Ravi Viswanathan, Managing Director of TVS Supply Chain Solutions Ltd., said, “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. 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.”
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