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TRF Singapore agrees to sell Dutch Lanka Trailer Manufacturers

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TRF Singapore agrees to sell Dutch Lanka Trailer Manufacturers

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.