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Raja Simhan T.E.

Chennai , May 5

GATEWAY Distriparks Ltd (GDL) has acquired the inland container depot (ICD) of Continental Warehousing Corporation (CWCL) at Garhi Harsaru, Gurgaon, for Rs 17 crore.

The acquisition is part of GDL's growth strategy in India. The company is looking at further acquisition of ICDs and container freight stations (CFS) across India, GDL's Chief Executive Officer, Captain Kapil Anand, told Business Line.

The company is investing Rs 6 crore to Rs 8 crore, in a phased manner, in a greenfield project in Visakhapatnam. It should be ready by the year-end, he said.

GDL has planned to invest about Rs 100 crore in a couple of years to grow its business, including acquisitions and mergers in India, he said.

The purchase of CWCL facility at Gurgaon, near Delhi, will be an all-cash deal. GDL will work on modernising the infrastructure at the Garhi Harsaru ICD and continue to serve the existing customers at the ICD, he said.

For the year ended March 31, 2004, GDL handled about 1.35 lakh TEUs (twenty-foot equivalent units) at its Dronagiri CFS in Navi Mumbai, close to Jawaharlal Nehru Port.

An Indo-Singapore joint venture, the promoters of GDL's are Windmill International Pvt Ltd, Parameswara Holdings Ltd, Thakral Corporation Ltd and Newsprint Trading and Sales Corporation.

CWCL, belonging to Chennai-based NDR Group, built the Garhi Harsaru ICD in 1999 at a total cost of over Rs 20 crore. The company has about 150 warehouses in 45 locations and handles cargo worth Rs 9,000 crore annually, says information on the company's Web site.

According to Capt. Anand, GDL will approach the Railway Ministry for laying a railway siding to the Garhi Harsaru ICD, which is located on the Delhi-Jaipur railway line.

More Stories on : Mergers & Acquisitions | Supply Chain Management | Shipping

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