India Glycols Ltd., a leading manufacturer of industrial chemicals in India, on Tuesday, announced that it would sell its entire investment in Kashipur Infrastructure and Freight Terminal Pvt. Ltd. to Gateway Distriparks Ltd. for nearly Rs 156 crore.
Kashipur Infrastructure and Freight Terminal Pvt Ltd. -- a joint venture firm of India Glycols, Apollo LogiSolutions, and Kashipur Holdings -- owns and operates a rail-connected inland container depot at Kashipur, Uttarakhand.
The consideration is subject to certain pre-closing and post-closing adjustments (including adjustment towards debt, working capital, etc.) in accordance with the terms of the share purchase agreement.
The existing shareholders and share subscription agreement dated September 30, 2014 shall stand terminated, on and from the closing date as mentioned in the share purchase agreement.
Gateway Distriparks has also initiated the process to acquire the remaining 0.08 percent shareholding from Fourcee Infrastructure Equipments, which is in liquidation.
Shares of India Glycols jumped nearly 6 percent to Rs 791.60 apiece at 1 PM.
