The country’s largest selling trailer maker, Tata International DLT, a 50:50 joint venture company between Tata International Limited and Sri Lanka based Dutch Lanka Trailer Manufacturers (DLTM) Friday said it has executed definitive agreement to sell their company to Canyon Point Investment Holdings.
In a parallel transaction, TRF Limited, through its affiliate has also executed definitive documents to sell its 100% stake in Dutch Lanka Trailer Manufacturers to Canyon Point.
The total deal value of both the transactions put together is Rs. 305 crore, subject to adjustment of actual debt in DLTM, the company said in a statement to exchanges late Friday evening.
Mumbai based global Investment Banking firm Singhi Advisors acted as the sole advisor to Tata International and TRF for these divestments.
Tata International, a $2.32 billion enterprise is a global trading and distribution company with a network of offices and subsidiaries spanning more than 39 countries in Africa, Asia, Europe and the Americas. TRF Limited is a supplier of bulk material handling equipment and is listed on NSE and BSE.
Tata DLT’s product portfolio comprises of a wide range of trailers, semi-trailers, tippers and vehicle carriers. Leveraging on its manufacturing bases established across Pune (2 plants), Ajmer and Jamshedpur, the company has the largest capacity in India with over 9,000 trailers p.a., serving customers and OEMs in the domestic market. More than 30,000 trailers running in India are supplied by Tata DLT. Further, DLTM sells in both the Sri Lanka market as well as exports to Asia, the Middle East and Africa and specializes in road and port trailers.
Source: Economic Times
The transaction closing is subject to regulatory approvals, stated the exchanges filing.