Anil Ambani-led Reliance Capital's private equity business has sold its entire stake in courier company DTDC to French express logistics firm GeoPost SA for Rs 158 crore.
Mumbai: Anil Ambani-led Reliance Capital's private equity business has sold its entire stake in courier company DTDC to French express logistics firm GeoPost SA for Rs 158 crore.
"Reliance Private Equity has sold their entire 39.51 percent stake to French company GeoPost for Rs 158 crore," DTDC Executive Director Abhishek Chakraborty said today.
He said Reliance Private Equity had bought the stake in 2006 for Rs 66 crore.
As part of the deal, GeoPost, which is a part of the French postal department La Poste Group, has agreed to invest additionally in the domestic courier major towards business development purposes, through a primary infusion, Chakraborty said, adding that the French company's final stake will stand at 42 percent.
Chakraborty said this deal is strategic in nature and helps both the companies, DTDC and GeoPost, with market access.
"We are not present in continental Europe, Russia and the CIS countries, which are very important trading partners of India, while for GeoPost, India is very important as they are building their global network," he said.
Apart from that, DTDC will also get access to the technologies being deployed by GeoPost worldwide, he said, adding that the overall international business will take six to nine months.
City-based DTDC, which had clocked a top line Rs 550 crore in FY2012-13, expects to double the revenues in the next three years through a CAGR of 30 percent per year, said Chakraborty.