Gateway Distriparks executes share subscription agreement with NVP

14 Jun 2013

Gateway Distriparks (GDL) and its subsidiary, Snowman Logistics (SLL) have executed a share subscription agreement (SSA) with the Norwest Venture Partners VII-A-Mauritius (NVP) pursuant to which NVP will invest about Rs 60 crore in SLL by subscription to SLL’s equity shares.

Simultaneously, GDL, SLL, NVP, International Financial Corporation (IFC), Mitsubishi Corporation (MC), Mitsubishi Logistics Corporation (MLC), and Nichirei Logistics Group Inc. (Nichirei) have entered into a shareholders agreement governing the management of the company and the rights of the shareholders.

Further, GDL has executed a share purchase agreement with IFC to acquire about 5 % (Pre-NVP investment) of IFC s stake in SLL (acquisition) for about Rs 18 crore. Post the investment by NVP & the acquisition, SLL will continue to be the subsidiary of GDL and NVP s holding in SLL will be about 14%.

Gateway Distriparks is engaged in the business of warehousing, container freight stations, providing handling and clearance of sea borne export-import trade in containerized form. The company operates CFS located at Dronagiri, Navi Mumbai, New Manali, Chennai, Vishakapatnam and Inland Container Depot at Garhi Harsaru (near Delhi) and Haryana.

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