Tata Worldwide exits trailer manufacturing biz by promoting its arm to Canyon Level for Rs 305 cr, Auto Information, DFL
MUMBAI: The nation’s largest promoting trailer maker, Tata Worldwide DLT, a 50:50 three way partnership firm between Tata Worldwide Restricted and Sri Lanka based mostly Dutch Lanka Trailer Producers (DLTM) Friday mentioned it has executed definitive settlement to promote their firm to Canyon Level Funding Holdings.
In a parallel transaction, TRF Restricted, via its affiliate has additionally executed definitive paperwork to promote its 100% stake in Dutch Lanka Trailer Producers to Canyon Level.
The whole deal worth of each the transactions put collectively is Rs. 305 crore, topic to adjustment of precise debt in DLTM, the corporate mentioned in an announcement to exchanges late Friday night.
Mumbai based mostly world Funding Banking agency Singhi Advisors acted as the only real advisor to Tata Worldwide and TRF for these divestments.
Tata Worldwide, a $2.32 billion enterprise is a worldwide buying and selling and distribution firm with a community of workplaces and subsidiaries spanning greater than 39 international locations in Africa, Asia, Europe and the Americas. TRF Restricted is a provider of bulk materials dealing with gear and is listed on NSE and BSE.
Tata DLT’s product portfolio includes of a variety of trailers, semi-trailers, tippers and car carriers. Leveraging on its manufacturing bases established throughout Pune (2 crops), Ajmer and Jamshedpur, the corporate has the biggest capability in India with over 9,000 trailers p.a., serving prospects and OEMs within the home market. Greater than 30,000 trailers working in India are provided by Tata DLT. Additional, DLTM sells in each the Sri Lanka market in addition to exports to Asia, the Center East and Africa and makes a speciality of highway and port trailers.
The transaction closing is topic to regulatory approvals, said the exchanges submitting.