Eredene Capital PLC has made a partial exit from Sattva CFS & Logistics Pvt Ltd, which runs containers freight station near Chennai.
The company said it had sold 10 per cent stake in Sattva CFS for £1.1 million, fetching an IRR of 49 per cent. The stake was sold to the promoters of the Sattva Business Group and would bring Eredene’s stake down to 39 per cent. The deal is a debut exit for Eredene Capital.
Alastair King, chief executive and founder of Eredene, said the partial sale of the stake in Sattva CFS was the first disposal since the Eredene Group began building a portfolio of infrastructure investment in India in 2007.
The Eredene group subsidiary originally invested £880,000 for 49 per cent of Sattva CFS with the Sattva Business Group holding 51 per cent.
Sattva CFS is located in Vichoor and services Chennai port.
Eredene Group has a second CFS investment with the Sattva Business Group, Sattva Conware Pvt Ltd near Ennore, another port in the Tamil Nadu, in which it has an 83 per cent stake.
