What I don't get is, if Merrill is the #1 "worldwide" bank how would they go bankrupt and close shop? That means everywhere around the globe business would be closed?
I'm guessing maybe a buyout from another bank is coming. But it's hard to believe the #1 largest bank is being bought out, usually it's the other way around.
BANGALORE: Global investment banking giant Merrill Lynch has invested Rs 400 crore into a special purpose vehicle (SPV) floated by Hyderabad-based logistics player DRS Group. This is said to be the largest single round of equity funding into this sector. "We have signed a deal with Merrill Lynch," confirmed A K Agarwal, director (marketing) of DRS Group.
The SPV will fund the development of over 3.5 million sqft of warehousing space across the country in the next two years as well as other projects planned by the DRS Group. The logistics firm is looking to set up a Rs 70 crore Logistics Park, spread over 43 acres on the Hyderabad-Nagpur highway.
The company has plans to diversify its logistics services into shipping, railways and air cargo.
Last year too, DRS had raised Rs 100 crore from PE players. India’s retail boom is driving the warehousing and logistics sector to record a compounded annual growth rate of 30%.
This has encouraged private equity players to invest in the sector. IDFC PE Fund II invested Rs 110 crore in Sical Logistics, Sidbi Venture Capital invested $2.2 million in Direct Logistics, Reliance Capital invested Rs 50 crore in BLR India, New Vernon invested $13.3 million in Allcargo Movers and IDFC PE invested $10 million in Delhi Assam Roadways.
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