Logistics and warehousing company KSH Group has sold its entire stake in KSH Distriparks Pvt Ltd, which operates one of Pune’s largest inland container depots (ICDs), to Delhi International Cargo Terminals Pvt Ltd for $35 million (Rs 329 crore).
Delhi International Cargo is jointly owned by JM Baxi Group and global shipping major Hapag-Lloyd.
The ICD provides an integrated platform for customs clearance, storage, warehousing and transportation services. It caters to Pune’s market that handles over 5 lakh twenty-foot equivalent units (TEUs) annually.
“We are delighted to have passed on the control of our Pune ICD to JM Baxi Group,” said Rohit Hegde, chairman and managing director of KSH Distriparks. “With its partnership with global shipping major Hapag-Lloyd, extensive network across India’s ports and logistics industry, and strong presence at Mumbai Port, we believe JM Baxi Group is best placed to build on the foundation we have created,” Hegde added.
Speaking on the same, JM Baxi Group’s managing director Dhruv Kotak said, “KSH’s Pune ICD is a valuable addition to our growing network of port terminals, CFSs (container freight stations), ICDs and CTO (container train operator) operations.”
The transaction strengthens JM Baxi Group’s capabilities to provide a more comprehensive offering to its clients and create synergistic value for the overall business, Kotak said, adding, “The ICD enhances our dominance in hinterlands of western India and we look forward to building meaningful relationships with the customers of the facility.”
Avendus Capital acted as the exclusive financial advisor to KSH Group and its shareholders on the transaction.
KSH Group is a diversified business conglomerate with a legacy spanning more than six decades across logistics, industrial and warehousing infrastructure, and manufacturing. It has over 750 employees and an annual turnover of more than Rs 4,500 crore.
