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Gateway Distriparks approves signing of agreement between subsidiary and Container Corporation
Posted On : 2007-03-26 01:59:29( TIMEZONE : IST )
Gateway Distriparks Ltd has announced that the Board of Directors of the Company at its meeting held on March 25, 2007 has approved the proposal of Gateway Rail Freight Pvt. Ltd. (GRFPL), the Company's subsidiary Company, to sign an agreement with Container corporation of India Ltd. (CONCOR) and form a joint venture Company (JV) to undertake rail movement of containers from its Inland Container Depot (ICD) at Garhi Harsaru, Gurgaon.
Accordingly, the JV agreement was signed by GRFPL and CONCOR on March 26, 2007 at Delhi.
GRFPL will hold 51% and CONCOR 49% in the new JV Company, whose equity capital will initially be around Rs 21 crores. Both GRFPL and CONCOR will have a right to nominate two directors each to the Board of the JV Company. The Company will make available its ICD at Garhi Harsaru, Gurgaon under long term lease to GRFPL who in turn would sublease it to the JV Company.
