An undisclosed buyer agreed to acquire 35% stake in Ndravg Business Park Private Limited from AVG Logistics Limited (NSEI:AVG) for INR 220 million on February 8, 2024. The consideration consists of INR 220 million in cash. As part of the consideration, INR 220 million was paid towards common equity.

The proceeds from this transaction will be utilized towards (i) working capital requirements to drive further business growth, towards paying down debt resulting in decrease in interest expenses & improve profitability and general corporate purposes. the transaction is expected to close on February 19, 2024.