India, April 5 -- Listed logistics service provider Delhivery said it will be acquiring a controlling stake in rival startup Ecom Express.

In an all-cash deal, the logistics unicorn will be picking up 99.4% equity of Ecom Express for INR 1,407 Cr ($164.5 Mn).

The deal will mark its completion only after approval from the Competition Commission of India (CCI).

Following the acquisition, which is expected to fructify within six months of the execution of the share purchase agreement, Ecom Express will become a subsidiary of Delhivery.

Delhivery said in an exchange filing that the acquisition will help it boost operations and also allow it to invest more effectively in improving service quality through network expansion and network quali...