Gateway Distriparks Ltd (GDL) has signed a Share Purchase Agreement (SPA) with KIFTPL and its majority shareholders — Apollo LogiSolutions, India Glycols and Kashipur Holdings — for the acquisition, according to a statement. The SPA, which is expected to close by this quarter, was signed on October 31.
Inter-modal logistics operator Gateway Distriparks Ltd (GDL) on Tuesday said it will acquire Kashipur Infrastructure and Freight Terminal Pvt Ltd (KIFTPL) for more than Rs 156 crore. KIFTPL owns and operates a rail connected Inland Container Depot (ICD) at Kashipur in Uttarakhand. It currently provides only terminal services while rail services are provided by other container train operators.
GDL has signed a Share Purchase Agreement (SPA) with KIFTPL and its majority shareholders — Apollo LogiSolutions, India Glycols and Kashipur Holdings — for the acquisition, according to a statement.
The SPA, which is expected to close by this quarter, was signed on October 31.
The agreed purchase consideration for the acquisition of 99.92 per cent shareholding of KIFTPL from its shareholders stands at Rs 156 crore, subject to certain pre-closing and post-closing adjustments in accordance with the terms of the SPA, the statement said.
The company also said the process to acquire the remaining 0.08 per cent shareholding from Fourcee Infrastructure Equipments, which is in liquidation, has been initiated.
With the acquisition, GDL will provide exclusive rail services to the ICD using its existing fleet of 31 trains. It will also offer all terminal services and road transportation, thereby transitioning the ICD to a full multi-modal logistics park, the statement said.
On an average, the existing volumes handled at ICD Kashipur are 3,000 TEUs per month. Spread over 41 acres, the ICD facility has three rail sidings, and 17,000 square feet of warehousing space.
“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,” Prem Kishan Dass Gupta, Chairman and Managing Director of GDL, said.
The company will continue to explore opportunities for expanding its presence through both greenfield and brownfield projects, he added. The proposed transaction is subject to customary approvals and other conditions precedent required to be fulfilled by KIFTPL and its shareholders.
