Gateway Distriparks to commence container train services at ICD Kashipur on Dec 4 | Mint
Active Stocks
Wed Feb 28 2024 15:59:21
  1. Tata Motors share price
  2. 957.75 -0.52%
  1. Tata Steel share price
  2. 140.75 -2.36%
  1. HDFC Bank share price
  2. 1,408.15 -0.87%
  1. Power Grid Corporation Of India share price
  2. 279.55 -4.43%
  1. ITC share price
  2. 408.60 -0.62%
Business News/ Companies / News/  Gateway Distriparks to commence container train services at ICD Kashipur on Dec 4
BackBack

Gateway Distriparks to commence container train services at ICD Kashipur on Dec 4

The company operates a fleet of 31 rakes and will run services between ICD Kashipur and the maritime ports of Mundra, Pipavav and Nhava Sheva.

On 1 November, Gateway Distriparks had announced the signing of a share purchase agreement with Kashipur Infrastructure and Freight TerminalPremium
On 1 November, Gateway Distriparks had announced the signing of a share purchase agreement with Kashipur Infrastructure and Freight Terminal

New Delhi: Mumbai-based logistics firm Gateway Distriparks said that it would commence export-import (EXIM) and domestic container train services at ICD Kashipur from 4 December 2022.

The company operates a fleet of 31 rakes and will run services between ICD Kashipur and the maritime ports of Mundra, Pipavav and Nhava Sheva.

“The acquisition of ICD Kashipur remains work in progress and is expected to be completed by end of December 2022, the company said.

It further added that in order to ensure a smooth transition for customers at this ICD, the container train services are commencing ahead of its acquisition of the ICD as the existing container train operators are exiting the terminal.

On 1 November, Gateway Distriparks had announced the signing of a share purchase agreement (SPA) with Kashipur Infrastructure and Freight Terminal (KIFTPL) and its majority shareholders namely, Apollo LogiSolutions, India Glycols and Kashipur Holdings to acquire KIFTPL. The agreed purchase consideration for the acquisition of 99.92% shareholding of KIFTPL from its shareholders is 156 crore.

The agreed purchase consideration for the acquisition of 99.92% shareholding of KIFTPL from its shareholders is 156 crore, subject to certain pre-closing and post-closing adjustments in accordance with the terms of the SPA, which was expected to close at the end of Q3 of FY 2022-23.

The process to acquire the remaining 0.08% shareholding from Fourcee Infrastructure Equipments, which is in liquidation, had also been initiated.

KIFTPL owns and operates a rail connected inland container depot (ICD) at Kashipur, Uttarakhand. The facility is spread over 41 acres, has three rail sidings, and 17,000 square feet of warehousing space. The target market in the region includes various industries such as paper products, wastepaper, chemicals, home furnishings, handicrafts, automotive parts, polyfilms, soda ash and other industrial goods.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 30 Nov 2022, 05:39 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App