New Delhi: Logistics company Transport Corporation of India Ltd India’s on Wednesday announced that its board has approved the demerger of its real estate & warehousing undertaking into a new company namely TCI Developers Limited (TDL).
The demerged entity would have properties and investments with a book value of Rs50 crore, the company said in an emailed press statement. The company presently has real estate properties in metropolitan and tier two cities including Delhi, Chennai, Pune, Nagpur, Bangalore, Ahmedabad among others.
“Investment in realestate & warehousing is more capital intensive and yields return over a longer period of time in comparison to the services model of the logistics business. Going forward, on a long term basis we would look at raising funds from strategic investors and financial institution”, the press statement quoted company executive director Vineet Agarwal as saying.