Mahindra Logistics Limited announced an extension of the timeline for the acquisition of up to 60 per cent of the share capital of ZipZap Logistics Private Limited, operating as Whizzard. Initially slated for completion by November 30, 2023, the parties have mutually agreed to extend the deadline to December 31, 2023. The completion is subject to certain conditions precedent, and Mahindra Logistics remains committed to enhancing its last-mile delivery and fulfilment services through this investment.
This update comes in line with MLL’s aim to strengthen its position in the logistics industry by incorporating technology-based solutions and expanding its geographical coverage. Whizzard, based in Hyderabad, operates a tech-enabled last-mile delivery network. The acquisition is expected to contribute to Mahindra Logistics’ growth strategy, leveraging Whizzard’s digital capabilities and micro-distribution centers.
Mahindra & Mahindra Ltd’s shares were up by 2.02 per cent to ₹1,651.65 at 2.20 pm on the BSE.