New Delhi, Nov 7 (PTI) Investment management firm Lingotto has acquired an additional 16.5 per cent stake in TVS Industrial and Logistics Parks from British International Investor, taking the total to 21 per cent.
In a statement, TVS Industrial and Logistics Parks Pvt Ltd (TVS ILP), a part of TVS Mobility Group, announced a strategic partnership with Lingotto, an investment management company owned by Exor NV.
Existing investor British International Investor, the UK's Development Finance Institution (DFI), has sold part of its stake to Lingotto.
"This transformative partnership has been set in motion through a secondary stake sale by This secondary transaction has taken place at an enterprise value of Rs 2,800 crore. Lingotto shall onboard with a 21 per cent shareholding in TVS ILP," the statement said.
TVS Supply Chain Solutions had sold 4.5 per cent stake in TVS ILP for Rs 51.3 crore.
Market sources Longotto purchased this additional stakes for nearly Rs 200 crore.
Lingotto Investment Management LLP (Lingotto) is an independent and entrepreneurial investment management company based in London. It is wholly owned by Exor NV, one of Europe's largest diversified holding companies.
Ravi Swaminathan, Vice Chairman of TVS Industrial and Logistics Parks, said, "Our vision is to create tech enabled infrastructure solutions to the warehousing and logistics parks industry. We have delivered robust growth for nearly two decades due to evolving customer demands for more sustainable and innovative products." "Now is the time to bring the company to the next level by strategically investing in its future. To achieve this, we welcome the Lingotto as a valued strategic partner. The board is convinced that this action will secure the long-term success of the company and benefit all stake holders," he added. PTI MJH TRB