Adani Logistics Expands Its Portfolio With 50% Stake In Veracity Supply Chain Through Equity Share Subscription

Adani Logistics Limited, a wholly-owned subsidiary of the Adani Group, has made a significant move by subscribing to 50,000 equity shares, constituting a 50 percent stake, in Veracity Supply Chain Private Limited (VSCPL), the company announced through an exchange filing.

The newly incorporated entity, VSCPL, has been established with a focus on providing last-mile connectivity to customers from Inland Container Depots (ICDs) through a digital transport management system.

Here are the key details regarding this investment, as per SEBI (Listing Obligations and Disclosure Requirements) Regulations:

Authorised and Paid-up Share Capital: Rs. 10,00,000 divided into 1,00,000 equity shares of Rs. 10 each.

VSCPL operates in the logistics sector, aligning with Adani Logistics Limited's core business.

Objectives and Effects of Acquisition

The acquisition of VSCPL is aimed at enhancing last-mile connectivity for customers from ICDs through the implementation of a digital transport management system.

Cost of Acquisition

Adani Logistics Limited has acquired 50,000 equity shares of VSCPL at a price of Rs. 10 each, amounting to a total of Rs. 5,00,000.

Shareholding and Control

Adani Logistics Limited now holds a 50% share in VSCPL, with the remaining 50% ownership held by Riddhi Infocom Solutions LLP.

Background of the Entity Acquired

Veracity Supply Chain Private Limited, incorporated in Ahmedabad, Gujarat, India, and registered with the Registrar of Companies in Gujarat on October 31, 2023, is gearing up to provide last-mile connectivity services powered by a digital transport management system. While VSCPL has yet to commence its business operations, it holds promising potential in the logistics industry.

Published on: Tuesday, October 31, 2023, 05:03 PM IST