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Pristine Malwa Logistics Park Pvt Ltd (Pristine Malwa) and its holding company Pristine Logistics and Infraprojects have entered into a share purchase and shareholders’ agreement for acquiring Distribution Logistics Infrastructure Private Ltd and its group companies (DLI India). Acquisition is through a mix of cash and stock.
An agreement has been entered into with the holding company of DLI India and DLI Mauritius.
Under the agreement, DLI Mauritius will sell the full equity of DLI India to Pristine Malwa. Pristine Malwa is already the holding company of listed entity SICAL Logistics Ltd (Sical).
On completion of the transaction, which is subject to fulfilment of customary conditions precedent and approvals from DLI India’s lenders, Pristine Malwa will hold 100 per cent shares in all logistics firms of IIP in India, the company said in a release.
The transaction is expected to be completed within 60 days, following which Pristine Malwa will be the holding company of both Sical and DLI India.
Post-acquisition, Pristine Logistics is likely to be the largest private sector container train operator in India, with a terminal footprint spread across significant catchment areas.
The acquisition will help the rail focussed logistics company expand further into the hinterland.
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