Gateway Distriparks to acquire ICD in Uttrakhand for₹156 cr.

November 01, 2022 09:45 pm | Updated 09:45 pm IST - Mumbai

Gateway Distriparks Ltd. (GDL), an inter-modal logistics service provider, said it has signed a Share Purchase Agreement (SPA) with Kashipur Infrastructure and Freight Terminal Private Ltd. (KIFTPL) and its majority shareholders namely, Apollo LogiSolutions Ltd., India Glycols Ltd. and Kashipur Holdings Ltd. to acquire KIFTPL for ₹156 crore.

GDL said it would initially acquire 99.92% shareholding of KIFTPL and the deal is expected to close at the end of Q3 of FY 2022-23. The process to acquire the remaining 0.08% shareholding from Fourcee Infrastructure Equipments Private Ltd , which is in liquidation, has been initiated.

KIFTPL owns and operates a rail connected inland container depot (ICD) at Kashipur, Uttarakhand. The facility is spread over 41 acres, has three rail sidings, and 17,000 square feet of warehousing space. 

The target market in the region includes various industries such as paper products, wastepaper, chemicals, home furnishings, handicrafts, automotive parts, polyfilms, soda ash and other industrial goods.

Prem Kishan Dass Gupta, CMD, GDL said, “We are in a phase of high growth, and we see a lot of potential in the rail vertical of our business. We had already announced the commencement of construction of our new ICD in Jaipur last month.” 

“With this new acquisition that is planned, we will be owning 11 container terminals across India. We will continue to explore opportunities for expanding our presence through both greenfield and brownfield projects,” he said.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.