Vijayanand Travels Private Limited agreed to acquire Transport of passengers by Air business of VRL Logistics from VRL Logistics Limited for INR 170 million.

Vijayanand Travels Private Limited agreed to acquire Transport of passengers by Air business of VRL Logistics from VRL Logistics Limited (NSEI:VRLLOG) for INR 170 million on July 24, 2023. A cash consideration of INR 170 million will be paid by Vijayanand Travels Private Limited. For the period ended March 31, 2023 Transport of passengers by Air business of VRL Logistics generated revenue of INR 35 million and its net worth was INR 168 million.

The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board. The date of completion of transfer shall be a date falling after receipt of Non Scheduled Operators Permit (NSOP) by the Buyer from the Ministry of Civil Aviation or such other date as may be mutually agreed between the parties.

The same is expected within a period of 6 months.