Mahindra & Mahindra transfers logistic biz to its subsidiary

Mumbai: Mahindra & Mahindra informed the BSE that the company is transferring its logistics business to Mahindra Logistics Ltd, a wholly owned subsidiary of the company. This is following the approval of shareholders by way of postal ballot.

“The company has entered into a business transfer agreement to transfer the company’s logistics business together with congeries of rights of the company in such business to Mahindra Logistics Ltd for a consideration of Rs 32 crore,” said a note issued to the stock exchange.

Mahindra Logistics was set up in December 2000 to take care of the company’s transportation needs including inbound and outbound logistics and inter-plant movement.