Latest News | TVS Logistics Parks Sells 4.5 Pc Stake to Dutch Firm for Rs 51 Crore
Get latest articles and stories on Latest News at LatestLY. TVS Industrial & Logistics Parks (TVS ILP), which recently went public through a Rs 880 crore IPO, on Friday sold 4.5 per cent stake for Rs 51 crore to London-based Lingotto Investment Management, owned by Dutch group Exor.
Mumbai, Sep 29 (PTI) TVS Industrial & Logistics Parks (TVS ILP), which recently went public through a Rs 880 crore IPO, on Friday sold 4.5 per cent stake for Rs 51 crore to London-based Lingotto Investment Management, owned by Dutch group Exor.
As per the deal, which involves picking up a large minority stake later, the Chennai-based logistics player has an enterprise value of Rs 2,800 crore.
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The TVS statement said the deal was carried out through secondary sale of 4.5 per cent in TVS Supply Chain Solutions for Rs 51.3 crore and the Dutch firm will soon acquire a significant minority stake in TVS ILP.
Exor is a holding company incorporated in the Netherlands and is controlled by the Agnelli family.
TVS ILP, a part of TVS Mobility Group, is present in 15 cities with 20 million sq ft of warehousing space.
The deal with Lingotto is another milestone in the successful journey of TVS ILP and the parent will continue to hold a significant minority stake at the logistics arm, TVS Supply Chain Solutions Chairman R Dinesh, said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)