TCI hives off cold storage business as wholly owned subsidiary

“TCI Cold Chain Solutions will issue equity shares of Rs63.56Cr to the company as sale consideration, subject to such price adjustments and amendments, as may be agreed to between the parties”, said TCI in the exchange filing.

Feb 13, 2019 03:02 IST India Infoline News Service

TCI or Transport Corporation of India announced in a regulatory filing on Tuesday evening, post market hours that the board of directors have approved the proposal for hiving off cold chain unit of Transport Corporation of India Ltd into TCI Cold Chain Solutions Ltd. (formerly known as SCM Logfocus India Ltd.), a wholly owned subsidiary of the Company.

The sale agreement was signed on February 11, 2019. The expected date of completion of sale/disposal will be on or before February 28, 2019.

“TCI Cold Chain Solutions will issue equity shares of Rs63.56cr to the company as sale consideration, subject to such price adjustments and amendments, as may be agreed to between the parties”, said TCI in the exchange filing.

Transport Corporation of India Limited (TCI) is an integrated supply chain and logistics solutions provider. The company's segments include Freight Division, Supply Chain Solutions Division, Seaways Division, Energy Division and Global Division. It offers multimodal transportation solutions. Its divisions include TCI Freight Division, TCI Supply Chain Solutions Division, TCI Seaways Division and TCI Global Division, among others.

Transport Corporation of India Ltd ended at Rs282.65 down by Rs2.4 or 0.84% from its previous closing of Rs285.05 on the BSE.

The scrip opened at Rs287.70 and touched a high and low of Rs287.70 and Rs281 respectively. A total of 10,408 (NSE+BSE) shares were traded on the counter. 

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