The Hindu Business Line : Reliance Capital dilutes stake in DTDC

Anil Dhirubhai Ambani Group-controlled Reliance Capital has diluted 4 per cent from the 44 per cent stake it acquired from DTDC in February in favour of the air express and cargo company's employees.

The dilution was part of the initial agreement for the acquisition of the stake offered by one of the promoter brothers of DTDC. Reliance Capital paid Rs 70 crore for the acquisition. The Bangalore-based DTDC is a privately held company in which Mr Subhashish Chakraborty, Chairman and Managing Director, continued to hold management control with 56 per cent stake.

DTDC, with year-on-year growth of 30 per cent, expects a turnover of Rs 175 crore in FY 2007. Mr S.K. Mukhopadhyay, Senior Vice-President, Corporate Affairs, told Business Line that DTDC was keen to be part of the industry's growth story and was open for acquisition to expand its business. "We have not focused on the issue or any company now," he said adding DTDC was preparing itself to face the competition. It was also looking at IPO next year for a better visibility and funding its future expansion plans.

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