Logistics firm Delhivery has clarified that it is not in talks to acquire rival Gati, tossing aside media reports that suggested the two firms had been in discussions for months.
What Happened? In a late-night filing to the Bombay Stock Exchange, Delhivery categorically denied reports that it was looking to takeover competitor Gati amid a dip in the former’s revenue in the last fiscal year.
Calling the report “factually incorrect and baseless”, Delhivery said in the filing that there had been “no such discussions whatsoever.”
It had been reported that Delhivery was looking to complement its strong presence in air cargo with Gati’s stronghold in trucking.
Delhivery has previously acquired Spoton Logistics and Algorhythm Tech. It has also bought stakes in software firm Vinculum.
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