Arshiya has finalised the definitive agreements on November 23, 2017 with Ascendas Property Fund (India) (Ascendas), part of the Ascendas-Singbridge Group (Asia's leading sustainable urban and business space solutions provider), for the monetisation of its six warehouses situated at the Free Trade and Warehousing Zone at Panvel, near Mumbai (Arshiya FTWZ). Additionally, the transaction also covers the terms for construction funding and forward long-terns lease of future development within the Arshiya FTWZ.
The said transaction, in the ordinary course of business, is for the monetisation of its Warehouses for a total consideration of Rs 534.0 crore (Rs 434.0 crore to be paid on transaction closing and Rs 100.0 crore to be paid over four years from transaction closing based on certain performance milestones). The proceeds shall be received post completion of 'Conditions Precedents' as agreed upon in the definitive agreements. The transaction will help the Arshiya group implement an asset light model.
Arshiya is engaged in providing end-to-end logistics and supply chain solutions to customers across the world.