BackRCap’s PE arm sells DTDC stake to GeoPost for `158 cr
GeoPost will hold a 40-42% stake, induct two directors on DTDC board to replace Reliance Capital directors
Premium(DTDC employs 23,000 people and handles about 11.5 million consignments every month.)
Mumbai: European small parcel transportation company GeoPost SA has bought a 39.51% stake in Mumbai-based DTDC Courier and Cargo Ltd from Reliance Capital Ltd’s private equity arm for ₹ 158 crore.
GeoPost has agreed to invest more funds in the Mumbai company, DTDC executive director Abhishek Chakraborty said without disclosing details.
The Anil Ambani-controlled “Reliance Capital will be exiting the company. GeoPost will induct two directors on the board (to) replace Reliance Capital directors", Chakraborty said.
The promoters will continue to hold at least a 52% stake in DTDC and GeoPost will hold a maximum 40-42% stake, he said.
GeoPost operates in more than 230 countries.
Iain Johnson, chief operating officer at GeoPost International, said investment in DTDC will give his company access to markets in India.
DTDC, in turn, will get access to European markets and new technologies, said chairman and managing director Subhasish Chakraborty.
In March, Mint had reported that DTDC planned to turn divisions such as retail logistics, freight forwarding, supply chain solutions and international business into separate units.
DTDC employs 23,000 people and handles about 11.5 million consignments every month.
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