Mumbai, Jun 7 (PTI) Transindia Real Estate Limited on Wednesday said it is planning to sell its Jhajjar Logistics Park in Haryana to global investment firm Blackstone for Rs 625 crore as part of the divestment plans after its demerger from Allcargo Logistics.

The divestment plan also includes the sale of a 10 per cent stake held in other parks for an equity consideration of nearly Rs 60 crore.

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As a result of these divestments, Transindia will receive over Rs 400 crore (after all deductions), which will support the company's growth plans, it said.

The proposed divestment is subject to the finalisation of commercial terms between the parties involved and will also require shareholders' approval and other statutory approvals/compliance, as applicable, the company said.

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Transindia Real Estate Limited announces the proposed divestment of certain undertakings and subsidiaries to funds managed or advised by Blackstone, the company said.

The company was earlier known as Transindia Realty & Logistics Parks Limited.

The logistics park in Jhajjar will be sold at an enterprise value of approximately Rs 625 crores, enabling the company to realise substantial value from this divestment, Transindia Real Estate said.

Additionally, the company will enter into an agreement to divest its 10 per cent stake held in Malur Logistics & Industrial Parks, Venkatapura Logistics & Industrial Parks, Kalina Warehousing, Panvel Warehousing and Allcargo Logistics & Industrial Park for an equity consideration of nearly Rs 60 crore, it stated.

"The divestment of these companies marks an important milestone for Transindia Real Estate Limited. This transaction aligns with our strategy to build end-to-end capabilities in the real estate business encompassing development, leasing and sale of assets," said Shashi Kiran Shetty, Founder and Chairman of Allcargo Group.

"This transaction paves the way for future growth with strength in the balance sheet to execute new projects and drive growth across other key opportunities in real estate, particularly in logistics parks," said Jatin Chokshi, Managing Director at Transindia Real Estate Limited.

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