Transindia real estate to receive Rs 433.37 crore from Jhajjar sale
The company emphasized that the transaction will enhance its financial capabilities, creating opportunities for new investments in emerging business prospects.
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Hyderabad: Transindia Real Estate Limited announced on Thursday the signing of a definitive agreement to sell its logistics park located in Jhajjar, Haryana for Rs 636.71 crore. This divestment, the company stated, will enable them to realize significant value and maintain a debt-free status.
In addition to the Jhajjar transaction, Transindia Real Estate has also divested its 10 per cent stake in industrial parks in Malur and Venkatapura, as well as in Kalina Warehousing, Panvel Warehousing, and Allcargo Logistics & Industrial Park Private Limited, totaling nearly Rs 4.55 crore.
Regarding the Jhajjar deal, the company is set to receive over Rs 433.37 crore in cash proceeds. This capital injection, the company explained, will be utilized to support Transindia Real Estate's growth strategies and expand its operational footprint across various locations.
The company emphasized that the transaction will enhance its financial capabilities, creating opportunities for new investments in emerging business prospects. Shashi Kiran Shetty, founder and Chairman of Allcargo Group, commented on the growth potential in the logistics sector, citing the government's focus on infrastructure development for effective connectivity.
Jatin Chokshi, Managing Director of Transindia Real Estate Limited, highlighted the company's commitment to developing advanced logistics parks in India, stating that their initiatives align with a vision to create value-driven assets. Chokshi also noted India's progress towards becoming a global manufacturing hub and emphasized Transindia Real Estate's role in facilitating this journey through their logistics projects.
