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Container logistics firm Gateway Distriparks will acquire global private equity major Blackstone’s entire shareholding in its freight company Gateway Rail Freight for Rs 810 crore.
“The board of directors...approved the acquisition of entire shareholding held by Blackstone in compulsorily convertible preference shares (CCPS) and equity shares in Gateway Rail Freight for a total consideration of Rs 810 crore,” Gateway Distriparks said in a BSE filing today.
Post the transaction, Gateway Distriparks’ shareholding in Gateway Rail Freight will be 99.80 per cent. The company said that the acquisition is to be completed within 90 days, subject to statutory and regulatory approvals as may be required.
Gateway Rail provides inter-modal logistics and operates its own rail-linked Inland Container Depots (ICD) at Gurgaon, Faridabad, Ludhiana, and Sanand. It also runs a domestic terminal at Mumbai. The company operates a fleet of 23 trains and more than 265 owned road trailers at its terminals.
Shares of Gateway Distriparks were trading higher by 19.75 per cent at Rs 198.90 on the BSE.
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