Pristine Logistics & Infraprojects, a prominent Indian logistics company, has caught the attention of global investment firms. Global Infrastructure Partners (GIP), backed by BlackRock, holds a 57% stake in Pristine and is looking to exit. A.P. Moller Capital has emerged as the frontrunner to acquire this majority stake for around USD 500 million, reflecting confidence in Pristine's growth potential. Other entities, including Midrail LLC and an EQT-Temasek joint venture, are also vying for the stake. Founded in 2008, Pristine has rapidly expanded, operating logistics parks and owning substantial assets. The company has been consolidating the industry, acquiring firms like Sical Logistics. Pristine's planned IPO was shelved as global investors showed interest. The Indian logistics sector's appeal has driven this investor interest in Pristine, positioning it as a key player in the evolving ecosystem.
Pristine Logistics & Infraprojects, a prominent player in India's logistics landscape, has captured the attention of global investment firms. A.P. Moller Capital emerged as the frontrunner to acquire a majority stake in the company for about USD 500 million.
Global Infrastructure Partners (GIP), backed by BlackRock, holds a 57% stake in Pristine. New York-based GIP was acquired by the asset management major Blackrock Inc. in January this year for about USD12.5 billion. It is looking to exit its investment in Pristine Logistics. GIP holds this 57% stake through the Indian Infrastructure Fund II, which it manages after its acquisition of IDFC Alternative Fund in 2022. Before the acquisition, IDFC Alternatives had raised two infrastructure funds-India Infrastructure Fund and India Infrastructure Fund II.
A.P. Moller Capital has emerged as the frontrunner to acquire GIP's majority stake in the company, signaling the global firm's confidence in Pristine's growth potential. Other entities, including US freight rail company Midrail LLC, APM Capital and a joint venture between EQT and Temasek Holdings, are also vying for the stake in Pristine Logistics, underscoring the widespread investor interest in the Indian logistics sector.
Pristine Logistics, founded in 2008 by former Indian Railways officials Amit Kumar and Rajnish Kumar, has rapidly expanded its footprint nationwide. The company operates five logistics parks through its subsidiaries, located in Kanpur, Ludhiana, Siliguri, Patna, and Birgunj (Nepal). It has a substantial asset base of 900,000 square feet of warehousing space and a fleet of over 3,400 containers, trailers, and rakes.
The company has been actively consolidating the industry, acquiring the debt-ridden Sical Logistics for around INR 400 crore through the National Company Law Tribunal last year. Pristine also acquired Distribution Logistics Infrastructure Pvt. Ltd and its group companies (DLI India) from the London-listed Infrastructure India Plc in a stock and cash deal in November.
Pristine filed for an initial public offering (IPO) in 2022 to raise around INR 250 crore, which the market regulator SEBI approved. However, the company ultimately decided not to proceed with the listing, as its growth aspirations have now attracted the attention of global investment firms.
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