Apollo LogiSolutions raises Rs 485 from Piramal Finance Ltd

Logistics solutions provider, Apollo LogiSolutions (ALS) has raised Rs 485 crore funds from Piramal Finance Ltd, subsidiary of diversified firm Piramal Enterprise.

The investments were made through the Corporate Finance Group (CFG) of Piramal Finance, the company said in a statement.

The funds will be used for ramping up new business ventures as well as consolidating ownership in various joint ventures along with organic growth of existing business.

Raaja Kanwar, Managing Director, ALS, said, "This investment will boost our capabilities in providing end-to-end logistics solutions to our customers across India and internationally."

The company said Piramal Finance will be a long-term investor with the company.

Khushru Jijina, Managing Director, Piramal Finance, said, "We look forward to more such transactions as we further scale up our investment focus towards this sector."