Gateway Distriparks enters into Joint Venture with Chakiat Group

Gateway Distriparks Ltd has announced that the Company plans to set up a Greenfield project at the Kochi port. The company has entered into a Joint Venture (JV) with Chakiat Group to set up a Container Freight Station (CFS) near Vallarpadam. Chakiat a well - established business group into shipping and related activities since 1952, has a stake in International Container Transhipment Terminal (ICTT) at Vallarpadam in Kochi Port.

The two companies have established a 60:40 joint-venture company, with Gateway Distriparks Ltd holding the larger share. The total cost of the project is estimated at Rs 25 crore. The CFS at Kochi, to be developed in phases, will have a capacity to handle 15,000 TEUs per annum and will be spread across an area of 17 acres. In the first phase of development, the company has already acquired 6 acres of land and another 5 acres of land will be acquired by October 03, 2006.

Source : Equity Bulls

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