Infrastructure Fund of India LLC, a private equity fund managed by AMP Capital Investors, exited its investment in logistics services provider Gati Ltd by selling nearly 6 per cent stake through the open market earlier this month. The stake was sold for an amount between Rs 17 crore and Rs 21 crore, according to VCCircle estimates.
Infrastructure Fund of India sold 5.94 per cent stake through a series of block deals which took place between February 7 and February 15, filings with the BSE showed. This was around the time when Gati announced its plans to sell 30 per cent stake in its express distribution & supply chain (EDSC) business to Japanese logistics firm Kintetsu World Express (KWE) for Rs 267 crore ($53 million).
AMP Capital invested in Gati in 2006, acquiring 12 per cent stake for $15 million or Rs 66.4 crore. It also picked up additional stake from the markets in 2009. The share price of Gati closed at Rs 35.55, down 0.7 per cent on the BSE on Monday.
Media reports today suggest that Gati is in talks with German ship management company Bernhard Schulte to sell a strategic stake in its loss-making shipping business.
Founded in 1989, Gati has more than 3500 employees covering 622 out of the 626 districts in India. It has over 4,500 vehicles on the road, excluding its fleet of refrigerated vehicles, container shipping vessels and world class warehousing facilities across India. The company has offices in Singapore, Beijing, Shanghai, Qingdao, Hong Kong, Bangkok, Kuala Lumpur and Dubai, apart from the SAARC countries, and it also focuses on India-centric distribution solutions.
Read our earlier articles on Gati:
Gati Going For CDR North Of Rs 300Cr