Mumbai Tata Motors has bought 26.79 per cent stake in digital platform Freight Commerce Solutions Pvt Ltd (‘Freight Tiger’) for Rs 150 crore. The company gave this information to the stock markets on Thursday.
There is a provision in the securities subscription agreement that Tata Motors can buy shares of the company worth up to Rs 100 crore in the next two years at the then prevailing market price.
‘Freight Tiger’ is an online platform that provides end-to-end logistics value chain solutions for cargo movement in the country. It connects shippers, carriers, logistics service providers and fleet owners into a single digital marketplace.
Commenting on the acquisition, Girish Wagh, Executive Director, Tata Motors Limited, said: “We believe that by playing a bigger and deeper role in bringing together all stakeholders to improve the efficiency of road logistics, we can help our key customers, This means we can create value for fleet owners.
“Therefore, we are excited to announce our partnership with Freight Tiger, a leader in digitalizing the logistics industry. Together, we will create new opportunities for growth and value creation for our customers, partners and stakeholders.”
–IANS
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