Indian logistics company Gateway Distriparks (GDL) has paid a total of 250 crore rupees ($33.7 million) to acquire a partial stake in its subsidiary Gateway Rail Freight (GRFL) held by U.S. private equity firm Blackstone, while GDL will pay $75.6 million by 28th December for the remaining stake.
GDL is acquiring the stake held by Blackstone in two tranches, it paid $16.8 million upfront, while another $16.8 million was paid by GRFL as interim dividend
Following the completion of the acquisition, GDL’s stake in GRFL will rise to 99.80 percent from the earlier 50 percent.
The acquisition will ensure synergies in operations and management and will be of strategic benefit to the GDL in the long run.