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Allcargo Group firm TransIndia Realty & Logistics Parks on Wednesday announced that it has signed a pact with Premier Heavy Lift Pvt Ltd for selling its crane business to the latter for Rs 121 crore.
TransIndia Realty & Logistics Parks Ltd, which specialises in developing and leasing industrial parks, demerged from Allcargo Logistics, and is in the process of becoming an independent listed entity.
The demerger is part of Allcargo's restructuring plan.
Allcargo Group has been divesting from non-core businesses and selling equipment business is part of this strategy, the company said.
The sale of the crane business is on a going concern by way of a slump sale for a lump-sum cash consideration of Rs 121 crore, excluding working capital adjustments as per business transfer agreement, the company said in a statement.
The deal proceeds will be utilised for investing in strategic growth areas for TransIndia, which will now exclusively focus on logistics infra and real estate development beyond logistics also, it added.
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The two companies will now work towards smooth business transfer, continued client serviceability and employee integration.
The transaction is expected to close on or before June 30, the company said.
TransIndia has developed and managed over 6 million square feet of assets across India and will continue to focus on developing annuity-based assets through industrial and logistics parks, and commercial space, among others, the company said.
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