Blackstone GPV Capital Partners (Mauritius) V-H Ltd. will spend 3 billion rupees ($64 million) to buy a 37.5% stake in Gateway Rail Freight Ltd., a unit of Gateway Distriparks Ltd., an Indian shipping-logistics provider, according to a statement sent by Gateway Distriparks to the Bombay Stock Exchange.
http://akprabhakar.blogspot.com/2009/09/gdl-gateway-distripark-ltd-rs114.html Posted on Wednesday, September 16, 2009--GDL =GATEWAY DISTRIPARK LTD (Rs.114)
Nov. 9 (Bloomberg) -- Blackstone Group LP, the world’s largest private-equity company, acquired a stake in an Indian rail freight mover to tap increased movement of goods as growth in Asia’s third-largest economy accelerates.
Blackstone GPV Capital Partners (Mauritius) V-H Ltd. will spend 3 billion rupees ($64 million) to buy a 37.5 percent stake in Gateway Rail Freight Ltd., a unit of Gateway Distriparks Ltd., an Indian shipping-logistics provider, according to a statement sent by Gateway Distriparks to the Bombay Stock Exchange.
Blackstone and Warren Buffett’s Berkshire Hathaway Inc. are investing in rail freight providers as railroads become more competitive amid rising fuel prices. Blackstone’s latest purchase is the leveraged buyout fund’s second announced investment in an Indian logistic company in two months.
“There is a rising trend of containerization in India,” Akhil Gupta, Blackstone’s India chairman, told reporters in New Delhi today. “For the long haul, rail is always more competitive and economical than road.”
Gateway Distriparks fell 2 percent to 130.15 rupees after gaining 10 percent on Nov. 6. Crude oil for December delivery rose as much as 2 percent to $78.95 a barrel in electronic trading on the New York Mercantile Exchange.
Gateway Rail will issue preference shares that will entitle Blackstone to acquire as much as 49.9 percent in the freight provider, Gateway Distriparks said the statement. In September, Blackstone raised its stake in Allcargo Global Logistics Ltd., a full-service logistics company, to 14.99 percent.
Prime Minister Manmohan Singh, who won a second consecutive five-year term in May, has said the government will spend more on public works to boost the $1.2 trillion economy. The government estimates infrastructure spending at $50 billion in five years to 2012.
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