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Gateway Distriparks (GDL) on Friday said it has completed the acquisition of Kashipur Infrastructure and Freight Terminal (KIFTPL), which owns and operates inland container depot (ICD) Kashipur in Uttarakhand.
As per the share purchase agreement signed on October 31, 2022, GDL purchased 99.92 per cent of the shareholding of KIFTPL from its majority shareholders, Apollo LogiSolutions, India Glycols (IGL) and Kashipur Holdings at an enterprise value of around ₹155.67 crore, GDL said in a statement.
GDL has paid aggregate cash of around ₹144.47 crores to the majority shareholders of KIFTPL. The Enterprise Value has been adjusted on account of existing loans for an amount of around Rs 11.20 crore, it added.
“At present, the monthly volume handled at this ICD is around 3,000 TEUs on average. We expect this to increase considerably in the next 12 months. Apart from the terminal income earned at ICD Kashipur in KIFTPL, GDL will earn significant revenue from rail transportation for these volumes by providing exclusive rail services to the ICD, which have already started earlier this month,” GDL CMD Prem Kishan Gupta said.
With this acquisition, KIFTPL has become a subsidiary of GDL, effective from Friday. Besides, the process to acquire the remaining 0.08 per cent shareholding from Fourcee Infrastructure Equipments, which is in liquidation, is underway.
Gateway Distriparks is an integrated inter-modal logistics service provider with a network of 11 ICDs and Container Freight Stations (CFS).
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