Third party logistics service provider Mahindra Logistics (MLL) today said it has partnered with Indian Vehicle Carriers to form a new entity '2x2 Logistics' with an aim to offer original equipment manufacturers global standards of service and technology.
"MLL has announced a partnership with Indian Vehicle Carriers (IVC), to be branded as 2x2 Logistics, aimed at launching assetised operations in outbound automotive logistics, offering OEMs global standards of service and technology," a release issued here said.
Mahindra Logistics, a subsidiary of Mahindra & Mahindra , will have a majority stake in the new entity and will initially invest in 100 specially designed car carriers to serve automobile and two-wheeler OEMs.
"This is the first time we will be significantly assetising our business by investing in 100 car carriers to begin with, and then ramping up capacity.
"It will help strengthen our operating capabilities in automotive logistics, our largest target industry vertical, with a clear focus on technology, quality and corporate governance. Forming such partnerships with our business associates will be an important part of our growth and success," MLL Chief Executive Pirojshaw Sarkari said.
This partnership will allow MLL and IVC to further develop and expand their transportation networks, linking the north, west, south and east clusters of production and consumption of automobiles, the release said.
As OEMs expand their product lines in India, MLL sees a significant potential for car carriers, which are specially designed to meet a variety of needs, both in terms of dimensions of the vehicles being carried as well as special handling requirements.
"We will have a very specific focus on design innovation in car carriers in 2x2 Logistics. We are already one of the largest automotive logistics service providers in India and this joint venture will allow us to directly operate assets and serve our customers with a greater degree of predictability and control," MLL Senior Vice-President Sushil Rathi said.
Commenting on the deal, Indian Vehicle Carriers Founder and Owner KS Singhal said, "This new entity will have all the capabilities to become a one stop solution for outbound logistics. We hope to leverage each other's strengths and offer the highest level of quality and service to our customers."
2x2 Logistics will allow MLL to build a significant asset base and enhance its pan-India transportation network, leading us that much closer to an IPO by 2017.
MLL has been aggressively expanding its business with a focus on multiple industry verticals. In August, MLL acquired a majority stake in Lords Freight soon after private equity firm Kedaara Capital bought a significant minority stake for Rs 200 crore in the logistics company.
M&M stock price
On October 30, 2014, Mahindra and Mahindra closed at Rs 1287.60, down Rs 8.75, or 0.67 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 847.00.
The company's trailing 12-month (TTM) EPS was at Rs 59.61 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 21.6. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 4.76.
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