Private equity (PE) giant Blackstone Group is investing ?380 crore to buy a majority stake in the warehousing business of Mumbai-based Allcargo Logistics Ltd for developing logistics parks in key consumption hubs across India.
Blackstone proposes to make the investment through debt and equity, according to a statement issued by Allcargo on Monday.
“Allcargo will retain a minority stake in the various logistics assets and transfer its debt as it relates to these specific assets to their relevant subsidiaries," the statement said. “The transaction is expected to conclude in a phased manner over the next 12 months."
The partnership will also help Allcargo’s growing third-party logistics business, the company said.
ALLCARGO TO GET INTO LAST-MILE DELIVERY; EYES RS 1500CR INCOME.
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