Gateway Distriparks to acquire Kashipur Infra for Rs 1.56 bn

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 1.56 billion. 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 is expected to close by this quarter. The agreed purchase consideration for the acquisition of 99.92 per cent shareholding of KIFTPL from its shareholders stands at Rs 1.56 billion, 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. See also: Adani Group lines up $150 bn investment across businessesS&R Associates represents IRB Infra in expressway investment