Future Group Buys Snapdeal’s logistics Service Vulcan Express For Rs 35 Crore
Kishore Biyani's Future Supply Chain Solutions today said it will fully acquire Snapdeal's logistics service provider Vulcan Express Pvt Ltd in an all- cash deal valued at Rs 35 crore.
Future Group Founder and Chairman Kishore Biyani said in a statement that through Vulcan, the company plans to boost its last mile capabilities and also offer state-of-the-art solutions to its e-commerce and retail clients.
Snapdeal Chief Strategy and Investment Officer Jason Kothari said: "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."
The statement also quoted Kothari as saying that the company "divests off an asset that is non-strategic in nature for Snapdeal 2.0, allowing it to focus its capital ...