Pristine Malwa Logistics Park Pvt Ltd (Pristine Malwa) along with its holding company have reached a share purchase and shareholders’ agreement with an aim to acquire Distribution Logistics Infrastructure Private Ltd and its group companies (DLI India).
The companies have entered into an agreement with Infrastructure India Plc (IIP), which is the holding company of DLI India and DLI Mauritius. According to the agreement, DLI Mauritius will sell the entire equity of DLI India to Pristine Malwa.
Holding company of SICAL
Notably, Pristine Malwa is the holding company of SICAL Logistics Ltd (Sical), a listed entity. Once the process is completed Pristine Malwa will hold 100% shares in all logistics firms of IIP across the country.
The transaction between companies is expected to end within 60 days after which Pristine Malwa will be the holding company of both Sical as well as DLI India. After this, Pristine Logistics may become the country’s largest private sector container train operator, with terminal footprints spread across India.
Earlier, Pristine Logistics had acquired Sical, through a Corporate Insolvency Resolution Process (CIRP). Soon after, Sical was included on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in October this year.
On the other hand, DLI owns Integrated Logistics Parks (ILPs)-cum-Private Freight Terminals (PFTs) in Nagpur as well as Bangalore. Another ILP is under construction in the NCR. The company also owns 120 acres in Chennai apart from holding a warehouse facility in Hassan, Karnataka.
Category one CTO license holder
Currently, DLI is a category one CTO license holder, which owns ten container rakes. These are operated in the company’s Nagpur facility. DLIis into a host of logistics services involving container train operations, Indian Railways wagons handling, running of Inland Container Depots (ICDs) and bonded warehousing that would help Pristine group expand its presence pan India further.
The company’s acquisition of Sical this year, along with the latest move have played an important role in turning it into the country’s ne of the largest private sector container train operators.