TVS SCS sells 4.5% stake in TVS ILP to Lingotto for ₹51.30 cr.
The Hindu
TVS SCS sells 4.5% stake in TVS ILP to Lingotto, owned by Exor N.V., for ₹51.30 crore. TVS SCS retains 25.2% stake in TVS ILP. Lingotto and TVS ILP enter strategic partnership to enable growth. TVS SCS Chairman R. Dinesh and TVS ILP Vice Chairman Ravi Swaminathan welcome Lingotto Partner Ashish Kaushik to accelerate growth.
TVS Supply Chain Solutions (TVS SCS) has sold 4.5% equity stake in its associate company TVS Industrial and Logistics Parks Pvt. Ltd. (TVS ILP) to London-based Lingotto Investment Management LLP (Lingotto) owned by Exor N.V. through a secondary stake sale for ₹51.30 crore.
Soon Lingotto will acquire a significant minority stake in TVS ILP. This secondary transaction has taken place at an enterprise value of ₹2,800 crore. After the sale, TVS SCS stake in TVS ILP stands at 25.2%, it said in a statement.
TVS ILP, meanwhile, announced it entered into a strategic partnership with Lingotto.
“We continue to hold a significant minority stake at TVS ILP and the strategic partnership with Lingotto should further enable TVS ILP to grow in its value-creation journey,” said TVS SCS Chairman R. Dinesh.
“Now is the time to bring the company to the next level by strategically investing in its future. To achieve this, we welcome Lingotto as a valued strategic partner,” said TVS ILP Vice Chairman Ravi Swaminathan.
“TVS ILP is now poised for the next phase in its pan-India growth and we are excited to join the company for accelerating their growth trajectory,” said Lingotto Partner Ashish Kaushik.
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