TVS Logistics has announced it has acquired a majority stake from UK based firm Rico Logistics. This purchase would be in line in achieving the objective of US$1 billion turnover on or before 2015 as well as expand opportunities in the country. The total price of the acquisition would be Rs 100 crore.

For its part, TVS has been faced with inorganic growth and the purchase would infuse new options for the growing logistics firm. This is the third acquisition done by TVS in the United Kingdom and was made possible through from funding from KKR, investing about Rs 265 crore last January 2012 and other internal accruals.

Another aspect of the sale is Rico Logistics IT capability as well assistance in providing Indian and other Asian clientele into the fold. Rico would also expand logistics business in the information technology, telecommunications and other equipment for TVS, who only focused on the auto sector prior to the acquisition.