3292016 Ambit Pragma sells its stake in Spear Logistics to FM Logistic | Business Standard News

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BS Reporter | Chennai March 21 2016 Last Updated at 1658 IST

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Ambit Pragma sells its stake in SpearLogistics to FM LogisticSpear is an independent contract logistics player offering longshyterm inventory and warehousing managementbusiness

Ambit Pragma a small cap (SME) growth and buyout fund todayannounced the sale of its majority stake in Puneshybased Spear LogisticsPrivate Limited to FM Logistic an international logistics provider

Ambit Pragma had invested in Spear in 2009

Since its inception in 2001 Spear operates in the contract logisticssegment and is an independent contract logistics player offering longshyterm inventory and warehousing management business

The company manages 75 warehouses (29 million square feet) across23 cities with over 1600 employed professionals

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Through this acquisition Franceshybased FM Logistic aims to bring international practices advanced working toolsand latest technologies to the Indian market according to companys press release

Spears Fiscal 2016 revenue was around Rs 135 crore nearly five times since Ambit Pragmas investment

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3292016 Ambit Pragma sells its stake in Spear Logistics to FM Logistic | Business Standard News

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Mangesh Pathak Partner Ambit Pragma said only about 8shy10 per cent of the market is catered to by organisedplayers like Spear While the Indian market is not yet as organised and sophisticated as some of the globalcounterparts we are pleased to have witnessed Spears growth over the years

Gautam Dembla CEO Spear Logistics said We have benefited immensely from the strategic and operationalinputs received from Ambit Pragma over the years Our next stage of growth will benefit immensely from thispartnership with FM Logistic and with the advantage of their global expertise we are confident of becoming amarket leader in the Indian organised logistics space

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3292016 Ambit Pragma sells its stake in Spear Logistics to FM Logistic | Business Standard News

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