Express distribution and supply chain solutions firm Gati Ltd, which reported widening of its consolidated loss at Rs 173.40 crore in the March quarter, on Wednesday said it is exiting from its cold chain solutions business – Gati Kausar India.
New Delhi:
Gati will sell its approximately 70 per cent stake in Gati Kausar India to existing minority shareholder Mandala Capital AG Limited, a leading private equity firm focused on investments across the food value chain, the company said in a statement.
Mandala, which currently holds about 30 per cent, has been a shareholder in Gati Kausar since 2014, the company said.
Following the closure of this transaction, which is expected within the next 30 days, Mandala will become the controlling shareholder in Gati Kausar, the statement said.
Meanwhile, the Allcargo group firm, in a regulatory filing, said its consolidated loss widened to Rs 173.40 crore in Q4FY 21, impacted by exceptional higher expense of Rs 172.87 crore.
It had reported a loss of Rs 70.60 crore in the corresponding period a year ago.
Revenue from operations grew by 9.88 per cent in the quarter under review to Rs 406.64 crore, from Rs 370.09 crore in the year-ago period, as per the filing.
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