Samara Capital is set to acquire stakes in Associated Road Carriers Limited and Calyx Container Terminals Private Limited in a transaction that will reshape India’s B2B logistics landscape. Trilegal is advising Samara Capital on the proposed stake acquisition as well as on the proposed merger of Calyx with and into ARC, subject to certain regulatory approvals. JSA Advocates and Solicitors and Solicis Lex acted for the sellers and their promoter groups.
Introduction
Private equity firm Samara Capital has acquired stakes in Associated Road Carriers (ARC) and Calyx Container Terminals to create an integrated logistics platform. Associated Road Carriers is one of India’s largest B2B road transportation companies, while Calyx Container Terminals is a licensed container freight station serving the Chennai port. The businesses of ARC and Calyx are proposed to be integrated as part of the proposed transaction, which will enable the creation of a scaled full-service B2B logistics entity.
The transaction is subject to regulatory approvals, including prior approval from the Competition Commission of India (CCI).
Deal Value
Samara did not disclose the financial terms of the transaction; however, according to a Mint report, the private equity firm is investing close to ₹1,200 crore, with Samara and the promoters expected to hold almost equal stakes in the new entity. The combined businesses recorded revenue of approximately ₹2,140 crore in FY2025–26.
Legal Teams Involved
Three law firms advised across the transaction, each representing distinct principals.
Trilegal — Advising Samara Capital
Trilegal advised Samara Capital on the proposed stake acquisition as well as on the proposed merger of Calyx with and into ARC, subject to certain regulatory approvals.
Corporate Team:
- Raya Hazarika — Partner (Transaction Lead)
- Komal Parakh — Counsel
- Vishvesh Vikram — Senior Associate
- Hitoishi Sarkar — Associate
- Aastha Bhandari — Associate
Competition Team:
- Aparna Mehra — Partner
- Krithika Ramesh — Counsel
- Kshitij Sharma — Counsel
- Ashlesha Singhal — Senior Associate
Taxation Team:
- Dhruv Gupta — Partner
- Sourabh Kumar — Senior Associate
JSA Advocates and Solicitors — Advising ARC, Calyx, and their Promoter Groups
JSA Advocates and Solicitors advised Associated Road Carriers, Calyx Container Terminals, and the promoter groups of ARC and Calyx on this transaction. The transaction was led by Vikram Raghani (Partner) and Sayan Ghose (Partner), with support from Manoj Mohapatra (Senior Associate) and Associates Megh Panchal, Yagnesh Sharma, and Wyoma Chudasama.
Competition law advice was provided by:
- Nisha Kaur Uberoi — Partner and Chair, Competition Law
- Shambhvi Sinha — Partner
- Tarun Katariya — Associate
Solicis Lex — Advising the Promoter Group
Solicis Lex also advised the promoter group on certain aspects. Further details of the Solicis Lex team were not disclosed.
Significance and Impact
This transaction is significant on several counts. The combined platform brings together ARC’s business-to-business road transportation network and Calyx’s container freight station operations at Chennai Port, creating a single entity capable of handling both domestic and export-import (EXIM) cargo flows. The fresh capital will be used to expand the branch and hub network, strengthen first-mile and last-mile logistics capabilities, and upgrade technology.
Samara said combining Calyx with ARC would give the new platform capabilities across both domestic and export-import cargo movements. The multi-firm legal structure — spanning corporate, competition, and taxation practices across Trilegal, JSA, and Solicis Lex — reflects the complexity of a dual-entity stake acquisition coupled with a downstream merger requiring CCI clearance.
The deal is also tracked on our Deal Meter, where we monitor significant M&A and private equity transactions across Indian markets.
Samara Capital’s simultaneous stake acquisition in ARC and Calyx Container Terminals, paired with the proposed merger of the two entities, represents one of the more structurally layered PE-driven consolidation plays in India’s logistics sector in recent memory. The platform may also pursue acquisitions as it expands its presence across India, with Samara planning to build a nationwide logistics business covering both domestic and EXIM cargo movements. The transaction, advised by Trilegal, JSA Advocates and Solicitors, and Solicis Lex, awaits requisite regulatory approvals before it can be completed.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
