Transindia Real Estate (TREL), an Allcargo Group company, has signed a definitive agreement to sell its logistics park at Jhajjar in Haryana at an enterprise value of approximately INR 636.71 crore. The deal consummation will help TREL realise substantial value from this divestment and continue to have zero debt, the company said in a statement. “The logistics industry is on the cusp of transformational growth due to the government’s continued focus on logistics infrastructure development for creating an effective infrastructure connectivity. TREL will continue to drive logistics infrastructure development to leverage the emerging opportunities with the construction of world class industrial and logistics parks,” said Shashi Kiran Shetty, founder and chairman, Allcargo Group.
The company has also divested its 10% 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 INR 4.55 crore. It has sold the stake to funds managed by global investment firm Blackstone.
As a result of this divestment, TREL will receive over INR 433.37 crore as cash proceeds. The company will deploy the capital to fuel its growth plans and expand its operations in various locations. The deal will also boost the company’s financial capabilities, paving the way for fresh investments in emerging business growth opportunities.
