Canadian pension fund manager Caisse de dépôt et placement du Québec (CDPQ) has invested around $155 million (around Rs 1,000 crore) to acquire stake in TVS Logistics Services Ltd. (TVS LSL), a third-party logistics service provider and part of TVS Group.
Besides this, the promoters have also pumped Rs 200 crore into the company. CDPQ will invest this money to acquire a sizeable minority stake in TVS Logistics Services. After this transaction, Goldman Sachs and KKR will exit their investments in TVS Logistics Services. CDPQ will purchase most of their joint stake, while the TVS family members and management will buy the remainder. The transaction is subject to the approval by the respective boards and by the Competition Commission of India (CCI). While both companies declined to share information on the stakes to be transferred, sources said Goldman Sachs and KKR held around 21 per cent each in the company.