Gateway Distriparks spurts after HDFC MF hikes stake

21 Sep 2022 , 11:28 AM

With this, HDFC Mutual Funds total shareholding in Gateway Distriparks has increased to 5.09% from 4.99% earlier. Separately, the company announced on Wednesday (21 September 2022) that it has completed the purchase of land at Dhanakya, near Jaipur. It will now commence construction of a new rail-linked Inland Container Depot (ICD). This will be the companys 5th ICD besides five Container Freight Stations taking the total to 10 container terminals on a pan India basis. GDL has already spent Rs 27 crore for the land acquisition and will spend another Rs 50 crore towards the cost of development of the ICD in the initial phase. The ICD will be spread over 30 acres, having two rail sidings and a designed annual capacity to handle over 125,000 TEUs and is located near Dhanakya railway station. This section is already a double stack route, currently under electrification. The company will also be constructing an integrated warehousing complex and offer first & last mile road delivery for providing end to end multimodal services to the industrial areas of the Jaipur market, including Jaipur, Bindayaka, Dausa, Kolana, Sitapura, Hirawala. The target market includes various segments such as artefacts, luxury textiles, ready-made garments, gems and jewellery, hand-knotted rugs, rubber-based prosthetics, food and beverages, agricultural products like guar gum, tobacco, minerals, automobiles, bicycles, machinery and machine tools among other goods. Prem Kishan Gupta, CMD of GDL said, With the launch of National Logistics Policy by the PM, all the clearances will be under one roof and will enable us to develop this location as a multimodal logistics park and make it operational within the next 12 months. GDL will continue to develop multimodal logistics parks at major industrial and trading hubs across India. He added ?By providing integrated logistics services while continuing the expansion of our existing terminals and increasing our footprint in new geographies, GDL will be able to consolidate its leadership position in the sector for both domestic and international trade. Gateway Distriparks is an integrated inter-modal logistics service provider. It has a network of 9 inland container depots and container freight stations strategically located across the country, operating a fleet of 31 trainsets along with 500+ trailers for transportation between its facilities and maritime ports, as well as first & last mile connectivity to provide end to end solutions to the EXIM industry. The company offers general & bonded warehousing, rail & road transportation, container handling services and other value added services. Through Snowman Logistics, the group also operates Indias largest temperature controlled logistics network. On a consolidated basis, net profit of Gateway Distriparks rose 32.16% to Rs 57.58 crore on 4.30% rise in net sales to Rs 343.75 crore in Q1 June 2022 over Q1 June 2021. Powered by Capital Market – Live News