Reliance Capital's PE arm exits DTDC - Hindu Business Line

Mumbai, July 8:   Anil Ambani led Reliance Capital's private equity arm, which held a 39.51 per cent stake in the domestic courier and cargo firm, DTDC, has sold off its entire stake to the French courier company, GeoPost for Rs 158 crore. In a two part deal, GeoPost has also acquired an additional stake in DTDC apart from the stake of Reliance Capital's private equity (PE) arm. This will take the French courier major's overall stake in DTDC to 41-42 per cent, said Abhishek Chakraborty, Director, DTDC. Reliance Capital's private equity arm had brought the stake in DTDC at Rs 66 crore in 2006. This deals translates into a return of 139 per cent for Reliance Capital PE arm over seven years, or about 20 per cent on an average year over year. "DTDC will get access to European markets & new technologies," said Subhasish Chakraborty, Chairman and Managing Director of DTDC. From a PE investment by Reliance Capital, now we have graduated to a strategic alliance with GeoPost, said Abhishek. "The partnership will give us access to an unrivalled footprint in India…," said Iain Johnson, Chief Operating Officer, GeoPost International. An email questionnaire sent to Reliance Capital remained unanswered at the time of going to press. Earlier this year, DTDC gained more access to the international market with acquisitions and joint ventures with Eurostar in UAE, Fast World Express in Australia, Kuwait Bayarek General Trading & Contracting in Kuwait and Air Dragon Freight in China. satyanarayan.iyer@thehindu.co.in (This article was published on July 8, 2013) via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEr5GRLFmpcqT1Amuov7R9RFoAaHg&url=http://www.thehindubusinessline.com/industry-and-economy/logistics/reliance-capitals-pe-arm-exits-dtdc/article4895077.ece

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