Transindia Real Estate, which was established following the separation of Allcargo Logistics' logistics division, has officially entered into a solid contract to sell its logistics park located in Jhajjar, Haryana, for an enterprise value of around Rs. 636.71 crore.
In addition, the company has divested a 10 percent share in five additional logistics parks, namely Malur Logistics & Industrial Parks, Venkatapura Logistics & Industrial Parks, Kalina Warehousing, Panvel Warehousing, and Allcargo Logistics & Industrial Park.
In a statement, the company mentioned that the cumulative transactions would generate Rs.433.37 crore in cash.
This substantial amount will be utilized for the company's expansion plans and to enhance its operations nationwide. Additionally, the deal will enhance the company's financial capacity, enabling it to make new investments in emerging business growth prospects.
Transindia oversees more than 5 million square feet of industrial park situated at Jawaharlal Nehru Port in Maharashtra, Farukh Nagar in Haryana, Malur in Karnataka, Patancheru in Telangana, Hosur in Tamil Nadu, and Verna in Goa. These parks are designed to serve the micro-markets in Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, and Goa.
In a statement the company said,"As a result of this divestment, Transindia will receive over Rs.433.37 crore as cash proceeds.”
The organization announced its intention to utilize the funds to support its expansion strategies and enhance its presence in multiple areas. Additionally, the agreement will strengthen the company's financial capacity, enabling it to pursue new investment opportunities in emerging sectors of business growth.
Managing Director of Transindia Real Estate, Jatin Chokshi stated,"Our infrastructure development initiatives are in line with our vision to develop assets that create value and are customised to meet international standards and specific business requirements.”
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