UK-based Eredene Capital PLC has sold 10% of its stake in Chennai Based Sattva CFS And Logistics Private Limited for $1.72Mn to the promoters.
With this deal, Eredene has made 5.9X returns. In 2007, Eredene bought 49% stake for £0.9MN in Sattva CFS. The transaction will increase Sattva Business Group’s holding to 61% from 51% .
The transaction values Sattva CFS at R85Cr (£10.9m), slightly below the directors' valuation of R91.8Cr (£12.0m) at 30 Sept'11 but well in excess of the investment cost valuation of R14Cr (£1.8m).
Sattva CFS, located in Vichoor and servicing the port of Chennai provides full range of services, including bonded warehousing, secured and paved stacking areas, on-site assembly, computer-driven tracking systems and office facilities.
The 26-acre CFS, which handles containers from Chennai Port, handled 60,000 TEUs (twenty foot equivalent units) in the year ended 31 March, compared to 45,000 in 2010. Its customers include South Korean machinery manufacturer Doosan, NYK Line, Maersk, CMA-CGM, and MSC Shipping Company.
The fund has also made £3.7 Mn of investment with the another company of the Group - Sattva Conware Pvt Ltd near Ennore, another port in the southern State of Tamil Nadu, in which it has an 83% stake.
Eredene Capital PLC is a AIM quoted investor in infrastructure projects in India. It focuses primarily on ports, port services, logistics and transportation.
The Eredene Group has made investments of £44.6m in eleven projects in India - nine in ports and port services, logistics and distribution warehouses, one in an IT office and one in a large-scale, affordable housing development.
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 27/01/12 |
Sattva CFS And Logistics - Eredene Capital (Part Exit) |
Private Equity |
Sattva Business Group |
1.72 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 13/02/12 |
M&A |
Kintetsu World Express Inc |
Express Distribution and Supply Chain(EDSC) and 3PL business |
54.23 |
Completed |
| 02/02/12 |
M&A |
Fairnair AG |
Quikjet Cargo Airlines Private Limited |
- |
Completed |
| 27/01/12 |
Private Equity |
Sattva Business Group |
Sattva CFS And Logistics Private Limited |
1.72 |
Completed |
| 16/01/12 |
Private Equity |
Looking For |
TVS Logistics Services Limited |
50.00 |
Planned |
Fund |
| Name | Corpus | Target Sector | Website | KeyContact |
| Eredene Capital PLC |
100 |
Infrastructure
Real Estate |
www.eredene.com |
D T JosephSarvjit SinghRanveer SharmaAlastair KingSwati Agarwal
|
Company |
| Name | Promoters | Office | Competitor | Website |
| Sattva CFS And Logistics Private Limited |
S Narasimhan |
No 11, Seventh Cross Lake Area, Nungambakkam Near Valluvar kottam |
|
www.sattva.in |
