Ashmore Alchemy reported it had invested $10 million in Bangalore-based Siesta Logistics Corporation Limited (SLCL) for a minority stake. Ashmore Alchemy is a Private Equity firm. The firm reiterated that the funds raised by Siesta Logistics will be used for expansion in both the domestic and international markets. Ashmore Alchemy is a joint venture between Alchemy Partners LLP and Ashmore Investments (UK).
Siesta Logistics, a subsidiary of the Siesta Group, is an integrated logistics service provider and has a presence across all major cities in India and has an office in Hong Kong. Siesta Logistics is planning to open offices in US, UK and South Africa. Siesta Logistics also have 20 global agents. The company’s client list includes heavy weights like Coca-Cola, Nokia, Airbus, Philips, DHL, UB Group, ITC and L&T.
Siesta Group is a diversified business conglomerate with interests in hospitality, retail and agriculture and logistics. Each arms functions as a separate entity. Siesta Group’s other entity Siesta Hospitality is also planning for an IPO in 2012-13 to fund its expansion plans.
In 2009, Ashmore Alchemy had invested Rs.35 Cr in Gurgaon-based apparel retail firm Numero Uno Clothing Ltd for 25% stake. It had also invested in Kerala-based NBFC Manappuram Group.
Recently, Hubli-based VRL Logistics Ltd has filed DRHP to raise fund through IPO. Bangalore-based Siesta Logistics will use the funds to expand its operations globally in terms of reach and service portfolio and leverage the growth opportunity in the Indian logistics industry.
The funds will be utilized to increase Siesta Logistics’ global reach, scaling-up operations and boosting capabilities to deliver flawless and efficient solutions to customers, Siesta Logistics’ Managing Director, Mr Kiran Salunke, said in a statement.
Presently, Siesta Logistics has a wide network across the major Indian cities supported by 20 global agents. It has a strong network of transport branches and nearly 10 freight and customs outlets supported by 20 nominated agents in Asia, Australia, Hong Kong, Europe, South America and North America.
Besides, the company is also a part of the Global Logistics Network, which has 375 members, offices in 382 cities and network in 132 countries across the globe.
Its client list includes Schneider Electric, Airbus, Fujitsu, ITC, UB Group, SBQ Steel, Philips, Parle Agro, Lakhani, Lilliput, Videocon, Shiv-Vani Oil, Thermax Industries, Everest Industries and Jubilant Organosys, among others.
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