Gateway Distriparks Ltd. (GDL), a major player in container logistics in India, has announced significant changes in the shareholding pattern and board composition in the group, following the complete exit of Singapore-based Indian origin shareholders in the group companies.
Since the Singapore-based investors namely Windmill International Pte Ltd and businessmen Gopinath Pillai and Sat Pal Singh Khattar have exited the boards of GDL group companies, including Snowman Logistics Ltd, the sole promoter of the company, Prem Kishan Gupta, has taken over the position as Chairman of Snowman Logistics Ltd, GDL said on Wednesday.
GDL had on December 18 notified to the stock exchanges about the complete exit of the Singapore-based shareholders.
Mr Gupta is already the Chairman & Managing Director (CMD) of GDL and Gateway Rail Freight Ltd, the largest private container rail transportation company in India, which operates a fleet of 25 rakes and 265 trailers between Nhava Sheva, Mundra, and Pipavav.
He along with his wife Mamta Gupta and two sons, Ishaan Gupta and Samvid Gupta, and their 100 per cent family-holding company owns 25.18 per cent of GDL shares. The rest of the shares are owned by institutions and public shareholders.
“To reach greater heights and market leadership position, Mr Gupta has been steering both GDL and Gateway Rail along with its strong management team. Now with Snowman under his leadership, the three companies can look forward to an environment that will promote higher efficiency and synergies at the group level,” GDL said in the statement.
Commenting on the major changes in the shareholding pattern, Mr Gupta in a statement said, “Gateway Distriparks has always rewarded its shareholders through a mix of regular dividends and growth. Going forward too, our endeavour will be to meet shareholders’ expectations on both the parameters — performance of the company and maintaining high standards of corporate governance.” GDL operates port-side container freight stations in Nhava Sheva, Chennai, Vishakhapatnam, and Kochi, while its subsidiary, Gateway Rail, apart from running a fleet of rakes, owns Inland Container Depots (ICD) in Gurgaon, Faridabad, Ludhiana, and its domestic terminal at Navi Mumbai.
Snowman Logistics provides temperature-controlled storage and distribution solutions across India and is a leading player in this space.
GDL shares closed with a gain of 0.90 per cent at Rs 320.95 while Snowman Logistics shares closed at Rs 80.60 with a loss of 0.37 per cent at the BSE.
GDL on Dec 18 notified to stock exchanges about exit of Singapore-based shareholders
