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India Glycols Ltd. has announced that it has transferred its entire stake in its joint venture (JV) company, Kashipur Infrastructure and Freight Terminal Pvt. Ltd. (KIFTPL), to Gateway Distriparks Ltd. for a total consideration of Rs 61.17 crore.

India Glycols on Friday said that it has transferred 42.31 percent shareholding, or 26.74 lakh shares, of the JV to Gateway Distriparks in accordance with the terms of the share purchase agreement (SPA).

Further, an affiliate company of India Glycols has also transferred 6.61 percent shareholding, or 4.18 lakh shares, of KIFTPL to Gateway Distriparks. Subsequent to the said transfers, KIFTPL ceased to be a joint venture of India Glycols.

Additionally, India Glycols has signed an agreement with Gateway Distriparks to sell/transfer land admeasuring approximately 7.544 acres, which forms part of the private freight terminal owned and operated by KIFTPL, at a consideration of Rs. 8.97 crore. The company said it will close all actions and formalities related to the sale of this land in due course.

Following the announcement, shares of India Glycols were trading at Rs 722.55 apiece, up 1.9 percent, on Monday. Notably, the stock had fallen nearly 4 percent in the previous session on Friday.

Meanwhile, shares of Gateway Distriparks were also trading at Rs 66.50, up 1.8 percent, on Monday after falling 1.2 percent on Friday.

Prior to this transaction, Kashipur Infrastructure and Freight Terminal was a joint venture firm of India Glycols, Apollo LogiSolutions, and Kashipur Holdings. It owned and operated a rail-connected inland container depot at Kashipur, Uttarakhand.

Shares of India Glycols are trading 3.62 percent higher at Rs 736.25, while shares of Gateway Distriparks are trading 1.61 percent higher at Rs 66.40.

Also Read: Gateway Distriparks upgrades capacity at its Inland Container Depot in Gurugram

(Edited by : Rukmani Krishna)