core sector communique

TCI gets approval from HC for demerging its Real Estate & Warehousing division

 

Kolkata, October 5, 2010: Transport Corporation of India Limited (TCI), India’s leading integrated supply chain and logistics solutions provider, has since received  approval from the Hon’ble High Court of Andhra Pradesh, Hyderabad for demerging its “Real Estate & Warehousing undertaking” into a new company, TCI Developers Limited (TDL).

 

The demerger process started on March 17, 2010 wherein TCI Board of Directors gave their approval to initiate the same.  This move will inter-alia result to concentrate & focus on the core activity of each company.  Steps are now being taken to fix RECORD DATE in consultation with Stock Exchanges to ascertain the entitlement of TCI Shareholders to get shares in the Transferee Company i.e. TDL. Accordingly, every shareholder holding 20(Twenty) equity shares of Rs 2/- each in TCI will get 1(One) equity share of Rs 10/- each in TDL. TDL would soon approach the Stock Exchanges to get the new shares listed.

 

Mr. Vineet Agarwal, Executive Director, TCI said, “With the newly formed company TDL, we will develop the company’s existing real estate into commercial ventures. With the new entity, the management will raise adequate funds for TDL’s development plans. We will also undertake development of large scale logistics infrastructure projects like multi-modal logistics parks, truck terminals, free trade warehousing zones etc.”

 

The book value of the undertaking being demerged comprising properties and investment amounts to approximately Rs. 50 crores. Post demerger, shareholding pattern of TDL (currently a 100% subsidiary of TCI) will be a mirror image of TCI.

 

About Group TCI: Group TCI, with revenues of over Rs.1700 crores, is India's leading integrated supply chain and logistics solutions provider. TCI group with expertise developed over 5 decades has an extensive network of over 1200 company owned offices, 8 mn Sq ft of Warehousing Space and a team of 6500 trained employees. and a With its customer-centric approach, world class resources, State-of-Art technology and professional management, the group follows strong corporate governance and is committed to value creation for its stakeholders and social responsibilities. TCI was the first to launch several solutions in the logistics field. Its product offering includes:

TCI Freight: India’s leading surface transport entity. This division is fully equipped to provide total transport solutions for cargo of any dimension or product segment. It transports cargo on FTL (Full truck load) / LTL (Less than truck load) / Small packages and consignments/ Over Dimensional cargo.