TG Terminals Private Limited signed a definitive agreement to acquire two container freight stations at Veshvi and Mundra from Forbes & Company Limited (BSE:502865) on January 5, 2016. In a related transaction, Transworld Global Logistics Solutions (India) Private Limited signed a term sheet to acquire logistics business from Forbes & Company Limited. The combined enterprise value of the two transactions is INR 935 million, subject to closing adjustments and debt, if any, to be transferred.

The deal is subject to execution of definitive documents, fulfillment of various conditions precedent, including but not limited to obtaining of various government and other approvals. The Board of Directors of Forbes & Company approved the transaction on January 5, 2016. Forbes & Company Limited will organize shareholder meeting for the approval of transaction on February 17, 2016.

The transaction has been approved by the shareholders of Forbes on February 18, 2016. As of April 18, 2016, TG Terminals Private completed the acquisition of Mundra from Forbes & Company. The transaction is expected to be completed in the first quarter of FY 2016-17.