Transindia Real Estate, a subsidiary of Allcargo Logistics, has plans to sell its stake in several logistics parks to Blackstone, according to a filing.

The portfolio sale includes the Jhajjar logistics park, which sold at an enterprise value of approximately Rs 625 crore ($75.76 million). And the company will divest its 10 percent stake held in Malur Logistics & Industrial Parks Private Ltd., Venkatapura Logistics & Industrial Parks Private Ltd., Kalina Warehousing Private Ltd., Panvel Warehousing Private Ltd., and Allcargo Logistics & Industrial Park Private Ltd. for an equity consideration of near Rs 60 crore (7.27 million).

The sale follows TransIndia Real Estate divestment of its equipment rental business to Premier Heavy Lift, which allows the firm to focus entirely on its real estate business, part of a long-term strategy.

“The divestment of these companies marks an important milestone for TransIndia Real Estate Limited. This transaction aligns with our strategy to build end-to-end capabilities in real estate business encompassing development, leasing and sale of assets. The cash proceeds from this divestment will strengthen our balance sheet and provide the necessary resources for future growth,” said Shashi Kiran Shetty, chairman.