Blackstone to invest up to Rs 380 cr in Allcargo Logistics' arms
Global investment firm Blackstone will buy stake in the Allcargo Logistics' arms engaged in the warehousing business for up to Rs 380 crore, according to regulatory filing. "Blackstone will make an investment in the company's (Allcargo Logistics) subsidiaries through a combination of equity and debentures up to Rs 380 crore," Allcargo Logistics Ltd said in a filing to the BSE.
The partnership between Blackstone and Allcargo Logistics proposes to make further investment in the future to develop industrial and logistics parks across key markets of the country, the filing said. The board of directors of Allcargo Logistics Ltd on Monday approved "execution of definitive transaction documents with BRE Asia Urban Holdings Ltd, an entity controlled by funds managed or advised by affiliates of The Blackstone Group Inc (Blackstone), which is a globally renowned real estate private equity investor, for transfer of a part of the warehousing business of the company".
The transaction is expected to conclude in a phase-wise manner over the next 12 months, subject to satisfaction of customary closing conditions and achievement of certain milestones as prescribed in the transaction documents. After conclusion of the transaction, the company will cease to have sole control over certain subsidiaries engaged in the warehousing business, and will retain a minority stake in such subsidiaries.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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