Gateway Distriparks Limited (NSEI:GATEWAY) signed the Share Purchase Agreement to acquire 99.92% stake in Kashipur Infrastructure And Freight Terminal Private Limited from Apollo Logisolutions Limited, India Glycols Limited and Kashipur Holdings Limited for INR 1.6 billion on October 31, 2022. The purchase consideration is payable in cash, which is subject to certain preclosing and post-closing adjustments in accordance with the terms of the SPA. India Glycols holds 42.31% stake and its nominee(s) and affiliate holds 6.61% in Kashipur Infrastructure.

The process to acquire the remaining 0.08% shareholding from Fourcee Infrastructure Equipments Private Limited (in liquidation) has been initiated at the same per share price as finally paid for acquisition of the 99.92% shareholding. KIFTPL has earned a revenue of approximately INR 275.5 million and net worth of INR 677.6 million in FY 2021-22. The proposed transaction is subject to customary approvals, and other conditions precedent required to be fulfilled by KIFTPL and / or the Sellers.

Board of Directors of India Glycols and Gateway Distriparks approved the Kashipur Infrastructure transaction. The transaction is expected within third quarter of FY 2022-23. Prasenjit Chakravarti, and Nitish Goel of Khaitan & Co acted as advisor to GDL In Its Acquisition Of Kashipur Infrastructure