TVS Industrial and Logistics Parks (TVS ILP), a part of TVS Mobility Group, announced a strategic partnership with Lingotto, an investment management company owned by Dutch holding company Exor controlled by the Agnelli family.
The partnership has been executed through a secondary stake sale by existing investor British International Investor, the U.K. ‘s development finance institution, says an official release. “This secondary transaction has taken place at an enterprise value of ₹2,800 crore, emphasising the potential and size of TVS ILP. Lingotto shall onboard with a 21 percent shareholding in TVS ILP.”
TVS ILP has 20 million sq.ft with 100 percent utilisation for the past six years, the release added.
Ravi Swaminathan, Vice Chairman, TVS ILP says: “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 stakeholders.”
Ashish Kaushik, Partner, Lingotto adds: “TVS ILP is a pioneer in providing logistics and infrastructure solutions to the warehousing and logistics parks industry. 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. We look forward to working closely with TVS ILP.