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Asia-focused private equity firm New Silk Route (NSR) has invested Rs. 175 crore ($33 million) in VRL Logistics, a Hubli based company for an undisclosed stake.
The Mumbai office of Trilegal advised VRL Logistics with a team led by Partner Srinivas Parthasarathy along with Associates Zara Kaushik and Silpa Nair.
S&R Associates advised New Silk Route. The S&R team was led by Mumbai Partner Sandip Bhagat along with Bhakta Patnaik, Vivek Kumar and S. Vivek.
While the fresh funds are likely to be used in expanding the VRL’s vehicle strength and repay debts, it will also lead to a delay in its plans to hit the capital markets with an initial public offering. VRL had filed a DRHP in December last year, reports Hindu Businessline.
According to VCCircle, VRL was started in 1976 by Vijay Sankeshwar and now claims to be the largest fleet-owner in India with 3,481 Vehicles, including 420 tourist buses and 3,061 goods transport vehicles as of January 31, 2012. It has also expanded its business to include courier service, express cargo and air chartering.
NSR has recently invested in Hyderabad-based education support services provider Varsity Education Management and acquired a majority stake in South Indian food chain, Adiga.