AVG Logistics is partially liquidating its investment from existing Joint venture NDR AVG Business Park which was a prime warehouse project in New Delhi.
NDR Warehousing (NDR) is the Joint Venture Partner of AVG Logistics through a Joint venture company namely NDR-AVG Business Park Private Limited formed in the year 2018.
In this JV, AVG holds 35% shareholding and NDR holds 65% shareholding.
In a significant development, AVG Logistics has divested approximately 69% of its investment at the consideration of Rs. 22 crore and cost of which was Rs. 6.78 crore and resultantly AVG has made a profit of Rs. 15.2 crore in Q4 FY24 from this transaction, further AVG will retain an original investment of Rs 3.06 crore through units in NDR InvIT Trust, currently valued at Rs 9.95 crore.
The proceeds from this transaction will be utilized towards (i) working capital requirements to drive further business growth, towards paying down debt resulting in decrease in interest expenses & improve profitability and general corporate purposes.
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