Transport Corporation Of India, the India's leading integrated supply chain and logistics solutions provider,  announced that the board approved the scheme of arrangement between the company and its wholly owned subsidiary, TCI Express.

"The scheme is for demerger and transfer of Express Distribution (XPS) Undertakings, & delayering of TCI’s global holding structure by liquidation of its wholly subsidiary, TCI Global Holding (Mauritius) and consequent capital reduction,'' TCI said.

The business will be transferred from Apr. 1, 2016.

The equity shareholders of TCI shall receive 1 equity share of Rs 2 each of TCI Express for every 2 equity shares of Rs 2 each held on the Record Date in the company, it added.

As a part of it, TCI Express will also seek listing on the stock exchange after approval of the scheme by the High Court.