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Tuesday, August 31, 2010

TCIL Plans Exit from Real Estate Business

Transport Corporation of India (TCIL) will demerge its real estate and warehousing divisions in next three months and expects to create greater value for shareholders through the hive-off. After the demerger, the company would focus on the core activity of providing logistic services, according to a report published in Financial Express.
“Our board approved the demerger in April this year while shareholders have just given their nod to the proposal. The matter is with the Andhra Pradesh High Court at present. We are expecting a green signal in next 2-3 months,” (TCIL) executive director Vineet Agarwal, said. “The logic in the demerger is that we want to create value for shareholders by focusing on our core activity. The development of real estate and warehouses will be done by the new company,” he added.

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