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Allcargo Logistics to sell Haryana logistics park for ₹636 Crore

26 Mar 2024 , 03:18 PM

Transindia Real Estate (TREL), an Allcargo Group entity, has reached a binding deal to sell its logistics park in Jhajjar, Haryana, for roughly ₹636.71 Crore. TREL stated in a statement that the transaction will allow it to generate significant value from the disposal while remaining debt-free.

Shashi Kiran Shetty, the founder and chairman of the Allcargo Group, stated that the logistics sector is poised for significant growth as a result of the government's sustained emphasis on developing logistics infrastructure to establish efficient connectivity. He mentioned that Allcargo Group, through its subsidiary TREL, remains committed to advancing logistics infrastructure to capitalize on emerging prospects by constructing state-of-the-art industrial and logistics parks.

The business sold its 10% ownership in Malur Logistics & Industrial Parks, Venkatapura Logistics & Industrial Parks, Kalina Warehousing, Panvel Warehousing, and Allcargo Logistics & Industrial Park for about ₹4.55 Crore. It sold the interest to funds run by the multinational investment group Blackstone.

TREL would get cash proceeds of around ₹433.37 Crore from this transaction. The funds will be used to fuel the company's expansion goals and activities in numerous areas. The transaction will also strengthen the company's financial position, allowing for additional investments in potential corporate development possibilities.

At around 2.39 PM, Allcargo Logistics was trading 1.11% higher at ₹86.20, against the previous close of ₹85.25 on NSE. The counter touched an intraday high and low of ₹86.85 and ₹84, respectively.

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