Comments
Port-based logistics company Gateway Distriparks Ltd has offered buy the equity held by Blackstone in its unit Gateway Rail Freight Ltd for ₹600 crore. This is almost double the amount invested by Blackstone in August 2010.
In a filing to the BSE, Gateway Distriparks said, “Gateway Distriparks Ltd (GDL), the promoter of Gateway Rail Freight Ltd (GRFL), has offered to purchase the equity securities held by Blackstone GPV Capital Partners (Mauritius) V-H Ltd (the Investor in GRFL) at ₹600 crore. The investor has the option to either accept or reject the offer within a period of 30 days."
Gateway Distriparks operates in three inter-linked segments — freight, rail and cold storage. GDL also operates cold storage warehouses through its listed associate company Snowman Logistics (40 per cent stake holding).
Earlier this year, Gateway Distriparks said it will sell shares of its subsidiary Gateway Rail via an initial public offering (IPO). In November 2009, New York-based Blackstone Group Lp said it will invest ₹300 crore in Gateway Rail Freight.
Under the terms of the agreement, Gateway Distriparks could buy back the shares at the end of five years from the date of investment or Blackstone could sell it back to Gateway Distriparks at the end of 10 years.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.