Future Group said to have reached in on terms with Snapdeal in buying the company’s logistics arm, ‘Vulcan Express’. The reports suggested that both the players have reached in on terms with an amount of INR 50 Cr. The deal, though which is still at the nascent stage, however will be made public in the coming weeks. Currently, it is ‘Vulcan Express’, which is carrying out the logistics duties of Snapdeal across 100 cities.
Well, the deal is sure to lessen the burden of Snapdeal, which is reeling under huge pressure to curb the surmounting figures of loss. It was in July last year, which the e commerce company sold its payment wallet, ‘Freecharge’ to Axis bank for an amount of INR 385 Cr.
