Logistics firm Gati Ltd said on Monday it acquired 52.96% stake in trucking firm Kausar India Ltd for Rs142.8 million.
Gati would buy 1.96 million shares at Rs72.84 a share in Kausar, which specialises in refrigerated transportation of temperature-sensitive products such as meat, dairy products and pharmaceuticals.
The stake would allow Gati expand its business with its pharma and lifesciences customers, as well as retail, Gati’s Chief Financial Officer A S Sandhu said.
“In the upcoming retail business, a lot of customers are approaching us but we are not having vehicles and facilities to tackle that business. That’s why we have gone for inorganic growth,” he said over the phone.
Gati will make the mandatory open offer for 20% in Kausar, which is listed on the Delhi Stock Exchange.
“It is a 20 crore (Rs200 million) investment for the majority stake and open offer. The money will come from the promoters and AMP Capital,” Sandhu said.
Shares in Gati were trading up 3.55% at Rs100.55 in a firm Mumbai market.
Source: Livemint