TVS Logistics acquires UK based Rico Logistics

In line with its aim to achieve US$ 1 billion turnover by 2015, TVS Logistics Services Ltd. has announced the acquisition of Rico Logistics - a unique and seamless Distribution and Inventory Management Company, headquartered in Slough, UK. The acquisition is expected to help the company add key service capabilities such as ‘last mile rapid response’ and new service verticals such as I.T., Telecom and Medical that can further strengthen its services to its customers globally. This is the third acquisition by TVS Logistics in UK after CJ Components in 2004 and Multipart Holdings in 2009. These two companies are now functioning under one brand - TVS Supply Chain Solutions (TVS SCS). The acquisition of Rico was done through the holding company (TVS Logistics, UK) which will not only retain the existing 450 employees at Rico but will also help expand its business and add new employment opportunities. TVS SCS also confirmed that Rico’s Managing Director Sanjive Sharma will continue to oversee his company. With this, the employees’ strength of TVS Logistics in Europe will exceed the 2,000 mark (both direct and indirect) and will have a bigger market presence.