TRF Ltd. unit TRF Singapore Pte. Ltd. agreed to sell its entire stake in Dutch Lanka Trailer Manufacturers Ltd.
Under the terms of a May 17 deal, a unit of private equity firm ADV Partners will acquire a 100% stake in Dutch Lanka Trailer, including Dutch Lanka Engineering Pvt. Ltd., for 300.0 million Indian rupees, on a cash-free, debt-free basis and the company's entire 50% stake in Tata International DLT Pvt. Ltd. for approximately 1.38 billion rupees.
Tata International DLT is a joint venture company between Dutch Lanka Trailer and Tata International Ltd.
The company expects to close the deal in a few months.
As of May 16, US$1 was equivalent to 70.11 Indian rupees.