UTI Capital invests Rs 60 crore in Pristine Logistics & Infraprojects
UTI Capital has invested Rs 60 crore in Pristine Logistics & Infraprojects, which plans to set up inland container depots and private freight terminals.
"The company has raised Rs 600 million in the first round of funding from India Infrastructure Development Fund, a private equity fund managed by UTI Capital," Pristine Logistics' director Rajnish Kumar said. SSKM Corporate Advisory Pvt Ltd was the financial advisor for the transaction.
The company, which is already operating an inland container depot in Kanpur, also plans to set up logistics parks in Ludhiana, Patna, Indore, Cuttack and Mansi in the next 18 months, he said.
Pristine Logistics has also received a grant from the Ministry of Food Processing Industry has to set up a mega food park at Khagaria in Bihar.
"We have lined up an investment of more than Rs 145 crore in the first phase in the mega food park project," said Kumar said, who co-founded the company about four years ago with Amit Kumar after both bureaucrats resigned from the Indian Railway Traffic Services (IRTS) to start their own enterprise.