TVS Logistics Parks sells 4.5% stake to Dutch firm for Rs 51 crore

TVS Industrial & Logistics Parks (TVS ILP) 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.

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.

 

TVS Supply Chain recently got listed after a Rs 880 crore worth IPO.