Kalpataru Power Transmission has raised Rs 80 crore by offloading nearly a fifth of its stake in Agri-logistics arm Shree Shubham Logistics to Tano India Pvt Equity Fund.

After the completion of the stake sale, Kalpataru Power will retain 70 per cent stake in the Agri-logistics business. On the other hand, Tano will hold a minority stake of below 20 per cent in the subsidiary.

Aditya Bafna, Executive Director of Shubham Logistics, said that the proceeds from the sale would be used to expand capacity.

Speaking on the topic, Bafna said, "The fund will support our expansion plans in Maharashtra, Rajasthan, Madhya Pradesh, and down south in Andhra Pradesh and Karnataka."

Shree Shubham Logistics provides a range of storage and preservation services, including dry and cold storage units, testing, weighing, certification and pest management.

The company currently operates nearly 90 agriculture warehouses across the country, with a total capacity of around 11 lakh tonnes. However, the company completely owns an inventory of less than 4 lack tonnes, and the rest is operated via tie-ups and long-term lease contracts.

Shree Shubham Logistics has been valued more than Rs 350 crore, but Kalpataru Power Transmission currently has no plans to list the subsidiary on exchanges.