Transindia Sells Haryana Logistics Park for Rs 636.71 cr

Mumbai, Feb 29 (PTI) Industrial and logistic parks developer Transindia Real Estate Limited on Thursday said it has signed a definitive agreement to sell its logistics park at Jhajjar in Haryana for Rs 636.71 crore.

The deal consummation will help the company realise substantial value from this divestment and continue to have zero debt, it said.

Additionally, Transindia Real Estate has also divested its 10 per cent stake held in industrial parks at Malur and Venkatapura as well as in Kalina Warehousing, Panvel Warehousing and Allcargo Logistics & Industrial Park Private Limited for nearly Rs 4.55 crore, the company said.

As part of the Jhajjar deal, the company will receive over Rs 433.37 crore as cash proceeds, it said.

This capital will be deployed to fuel iTransindia Real Estate's growth plans and expand its operations in various locations, the company said.

The deal will also boost the company's financial capabilities, paving the way for fresh investments in emerging business growth opportunities, it added.

"The logistic industry is on the cusp of transformational growth due to the government's continued focus on logistics infrastructure development for creating 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 of Allcargo Group.

Being a key player in the fields of real estate, warehousing, and commercial logistics, the company's focus has always been on developing cutting-edge logistics parks across India, said Jatin Chokshi, Managing Director of Transindia Real Estate Limited.

"Our infrastructure development initiatives are in line with our vision to develop assets that create value. As India is making steady progress in becoming a key global manufacturing hub and third largest economy, we are working towards playing our role to facilitate the journey by developing logistics projects," he added.