Bollore Africa Logistics, an arm of French conglomerate Bollore, has picked 49 per cent stake in ABG Container Handling Pvt Ltd for Rs 48.6 crore ($7.5 million), as per a stock market disclosure.
ABG Container Handling, a step-down subsidiary of public listed ABG Infralogistics, owns Dakshin Bharat Gateway Terminal Pvt Ltd, which is engaged in BOT concession for 30 years for berth no. 8 at V.O.Chidambaranar Port Trust.
As per the deal, ABG Container Handling has allotted 72,05,940 equity shares (representing 49 per cent stake) to Bollore Africa Logistics.
Bollore Africa Logistics was founded in 1927 and is focused on providing logistics services in Africa where it is the biggest transport and logistics operator. It has a global network of 250 subsidiaries and almost 25,000 employees in 55 countries, including 45 in Africa.
It is a part of Paris Stock Exchange-listed conglomerate Bollore which was founded in 1822. Majority owned by the Bollore family, it is into transportation and logistics, communication and media, and electricity storage and solutions. In addition, the group manages a number of financial assets, including plantations and financial investments.
Port logistics firm ABG Infralogistics, formerly known as ABG Heavy Industries Ltd, started as a crane rental company in 1983 and has diversified into broader infrastructure solutions business.
(Edited by Joby Puthuparampil Johnson)