Reliance Capital's private equity business has sold its entire stake in courier company DTDC to French logistics company Geopost SA. A Reliance Private Equity offloaded its entire 39.51% stake in a Rs. 158 crore deal. Anil Ambani-led company had bought the stake in 2006 for Rs. 66 crore
GeoPost, will invest additionally through a primary infusion in business development. GeoPost is a part of the French postal department La Poste Group.
"Reliance Private Equity has sold their entire 39.51 per cent stake to French company GeoPost for Rs 158 crore," DTDC Executive Director Abhishek Chakraborty was quoted by reports as saying.
The deal will allow DTDC & GeoPost to penetrate & consolidate its presence in India & key global markets more comprehensively, said a statement by DTDC.
Announcing the partnership, Chairman and Managing Director Subhasish Chakraborty of DTDC said, â€śWe are very excited about the partnership. DTDC will get access to European markets & new technologies. The association will play a huge role in developing and strengthening the business relationships between the two great countries.â€ť
Iain Johnson, Chief Operating Officer, GeoPost International added â€śIndia is a critical global market which is set for strong CEP growth and weâ€™re delighted to invest in one of its leading players. The partnership will give us access to an unrivalled footprint in India and a great management team that shares our ambition to be a leading global CEP player serving both B2B and B2C markets.â€ť
Earlier this year, DTDC had spread its roots to the APAC region and the Middle East through acquisitions and joint ventures with Eurostar in UAE, Fast World Express Pty Ltd in Australia, Kuwait Bayarek General Trading & Contracting Co. W.I.I. in Kuwait and Air Dragon Freight (Beijing) Co Ltd. in China.
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