Anil Ambani-led Reliance Capital’s private equity business has sold its entire stake in courier company DTDC to French express logistics firm GeoPost SA for Rs 158 crore.
DTDC Executive Director Abhishek Chakraborty said Reliance Private Equity had bought the stake in 2006 for Rs 66 crore.
As part of the deal, GeoPost, which is a part of the French postal department La Poste Group, has agreed to invest additionally in the domestic courier major through a primary infusion, Chakraborty said, adding that the French company’s final stake will stand at 42 per cent.
Chakraborty said this deal is strategic in nature and helps both the companies, DTDC and GeoPost, with market access. “We are not present in continental Europe, Russia and the CIS countries, which are very important trading partners of India, while for GeoPost, India is very important as they are building their global network,” he said.
DTDC will also get access to the technologies being deployed by GeoPost worldwide, he said, adding that the overall international business will take six to nine months.