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 per cent stake to
French company GeoPost for Rs 158 crore," DTDC Executive Director
Abhishek Chakraborty said.
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 per cent.
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 per cent per year, said Chakraborty.
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