Mahindra Logistics

Some more clarity on debt from recent quarterly call. I saw some messages along that line.

Okay, Saras. So let me take both those questions in some form. So I think on the debt
side, we do have around INR400 crores of debt on the books. It's spread across
multiple parts of the business. The largest part of it, of course, has been debt taken by
MESPL for the acquisition of the Rivigo business, which is a little bit around, roughly
around INR220 crores. That's long-term in nature and has a structured repayment plan
around it. I won't get into a lot of details, but it's a structured repayment plan on a
fairly, attractive coupon. But that is the largest part of it.
Apart from that, we have around INR150 crores, which is spread across within the
MLL side of the business, which has largely been investments we made, borrowings
we made to support acquisition of the Meru business from M&M in FY '21-FY '22
and for the investment in Whizzard. Those are the two larger parts of that, along with
some amount of working capital there. There are, of course, working capital lines in
the 2x2 business. There are working capital lines in the forwarding business as well,
and those are purely working capital lines.