TVS Supply Chain Solutions Ltd. on Friday said its wholly-owned arm RICO Logistics Ltd. has sold the entire stake in subsidiary Circle Express Ltd, U.K., for 2.1 million pounds (about Rs 21.32 crore).
The move is designed to boost the company's profitability and sharpen its focus on core offerings to its customers, TVS Supply Chain Solutions said in a statement.
In a regulatory filing, the company said the entire stake in Circle Express was sold to Winever Industrial Enterprises (U.K.) Ltd.
"The sale of Circle Express is an important step as it found very little synergy with the core operations and represents an important step in our efforts to enhance our financial performance and sharpen our competitive edge," TVS Supply Chain Solutions Managing Director Ravi Viswanathan said.
"We are confident that this sale will allow us to allocate resources more effectively and focus on driving sustainable growth and profitability, thereby increasing shareholder value," he said.
By shedding this non-core asset, the company will align its strategic focus and resources with its core business objectives, the statement said.
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