Rivigo Services (RSPL) and Mahindra Logistics (MLL) announced that they had entered into an agreement for the former to sell its B2B express business to the former for Rs 2.25 billion. The transaction is expected to close on or before November 1.

Under the terms of the contract, MLL will acquire the express business through a Business Transfer Agreement (BTA), including the customers, staff and assets of Rivigo's B2B express business, as well as RSPL's technology infrastructure and the Rivigo name. The rights to the full truckload (FTL) business and the RSPL truck fleet both remain its property.

Leveraging Rivigo's robust network, technology and process capabilities, this acquisition will strengthen Mahindra Logistics' current B2B express business. More than 19,000 PINs are currently covered by Rivigo's B2B express network across the country. Their more than 250 processing facilities and branches, spanning more than 1.5 million square feet, will significantly enhance MLL's express business potential.