New Delhi: Future Group on Friday said it has acquired Jasper Infotech-owned Snapdeal's logistics arm Vulcan Express at Rs 35 crore.
"Jasper Infotech, which also owns Snapdeal... has entered into an agreement with Future Supply Chain Solutions... to sell 100 per cent stake in Vulcan Express Pvt Ltd in an all-cash deal valued at Rs 35 crore," a Future Group statement said.
Vulcan Express, which services the logistics requirements of Snapdeal, Airtel and UPS, is focused on e-commerce and high-value business-to-business logistics. "Through Vulcan, we plan to boost our last mile capabilities and also offer state-of-the-art solutions to our e-commerce and retail clients, including realising our disruptive vision of Retail 3.0," said Kishore Biyani, Founder and Chairman, Future Group.
"Similar to our recent sale of FreeCharge, we believe Snapdeal's sale of Vulcan Express to Future Group is a successful deal for all three parties," said Jason Kothari, Chief Strategy and Investment Officer, Snapdeal, who also led the sale of Snapdeal-owned FreeCharge to Axis Bank. Future Group operates over 22 million square feet of retail space in 255 cities pan-India.