Gateway Distriparks (GDL) has paid a total of ₹250 crore to acquire a partial stake in its subsidiary Gateway Rail Freight (GRFL) held by PE firm Blackstone, while the logistics firm will pay ₹560 crore by December 28 for the remaining stake.

Following a deal announced in May, GDL is acquiring the stake held by Blackstone in two tranches.

The New Delhi-based company paid ₹125 crore upfront, while another ₹125 crore was paid by GRFL — which is in the business of container rail logistics — as interim dividend.

Following the completion of the acquisition, GDL’s stake in GRFL will rise to 99.80 per cent from the earlier 50 per cent. The acquisition will ensure synergies in operations and management, and will be of strategic benefit to the company in the long run, GDL said in a regulatory filing.

Earlier this year, GDL had entered into an agreement with Blackstone GPV Capital Partners (Mauritius) to acquire the stake held by the PE firm for ₹810 crore. The company had agreed to acquire the entire Compulsorily Convertible Preference Shares (CCPS) held by Blackstone in GRFL for cash consideration.

In 2010, Blackstone invested ₹300 crore in GRFL in lieu of a 49.9 per cent stake through CCPS.

GRFL posted a total income of ₹8.02 crore for FY 2017-18, an increase from ₹7.6 crore posted in FY 2016-17.

GRFL runs container trains and inland container depots with the company operating a fleet of 23 trains and more than 265 owned road trailers at its terminals, while GDL runs container freight stations.

GDL shares were trading down by 1.38 per cent at ₹146.95 on the BSE.

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