True North exits InLogistics with below-par returns

True North has sold its majority stake in Innovative B2B Logistics Solutions Private Limited (InLogistics) to a unit of Adani Ports and Special Economic Zone Limited at an enterprise valuation of Rs 3.31 billion. This includes an equity component of Rs 0.43 billion, with the remaining Rs 2.88 billion owed to lenders. True North had invested Rs 1.5 billion-Rs 1.6 billion in InLogistics in 2009 for a 57 per cent stake. Adani’s acquisition of InLogistics will be a cash deal. The transaction is likely to be completed by the end of June 2019, subject to regulatory and lender approvals.


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