Transport Corporation of India has announced the completion of a significant corporate restructuring transaction involving the sale of its Singapore-based subsidiary. The company disclosed to stock exchanges on January 27, 2026, that it has successfully divested 100% equity shares of TCI Global (Singapore) Pte. Ltd. to TCI Express Limited through a Share Purchase Agreement dated January 26, 2026.

Transaction Structure and Parties

The transaction involves three key entities within the TCI group structure. TCI Holdings Asia Pacific Pte. Ltd., a wholly owned subsidiary of Transport Corporation of India, served as the seller in this arrangement. The buyer, TCI Express Pte. Ltd., is a subsidiary of TCI Express Limited. Following the completion of this transaction, TCI Global (Singapore) Pte. Ltd. has ceased to be a step-down wholly owned subsidiary of Transport Corporation of India and has become a step-down wholly owned subsidiary of TCI Express Limited.

Financial and Regulatory Aspects

The transaction has been structured as a related party transaction, given that both entities are connected through the promoter group. However, the company has emphasized that the transaction was conducted on an arm's length basis, with the consideration of SGD 18,000 determined based on an independent valuation report. This approach ensures compliance with regulatory requirements for related party transactions under SEBI guidelines.

Impact on Corporate Structure

The divestment represents a strategic realignment within the TCI group's international operations. Transport Corporation of India has clarified that as it was not directly a party to the Share Purchase Agreement, no rights, obligations, or liabilities of any nature accrue to the company pursuant to this agreement. The transaction has no impact on the management or control of the listed entity, and no restrictions or liabilities have been imposed upon Transport Corporation of India as a result of this restructuring.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 and SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. This transaction follows an earlier communication from the company dated October 29, 2025, regarding the proposed sale of the Singapore subsidiary. The completion of this corporate restructuring demonstrates the company's commitment to optimizing its subsidiary structure and enhancing operational efficiency within the group.

Transport Corporation of India has formally notified stock exchanges about the withdrawal of its ₹200.00 crore long-term loan rating by ICRA Limited under Regulation 30 of SEBI Listing Regulations. The rating was withdrawn at the company's request after being reaffirmed at the [ICRA]AA level with a stable outlook.

Regulatory Filing Details

The company filed the mandatory disclosure with BSE and NSE, providing complete transparency about the rating action. The filing includes specific regulatory compliance information:

Rating Action Summary

ICRA's Rating Committee took formal action on the company's long-term fund-based term loan facility. The rating development followed a structured process:

Withdrawal Process

The withdrawal followed ICRA's established policy requirements. Transport Corporation of India had initially requested the rating withdrawal in October 2025, and ICRA processed this request with proper due diligence. The rating agency confirmed that the ratings were presented to their Rating Committee prior to withdrawal, ensuring compliance with their internal procedures.

The withdrawal was executed based on the company's formal request and a No Objection Certificate received from the bankers. This procedural approach demonstrates that the withdrawal was administrative rather than related to any deterioration in credit quality.

Credit Quality Validation

The [ICRA]AA rating with stable outlook represents high credit quality with very low credit risk. The reaffirmation before withdrawal confirms that Transport Corporation of India maintained strong financial fundamentals and creditworthiness. ICRA has expressed willingness to be associated with rating any future borrowing programmes of the company, indicating continued confidence in the organization's credit profile.