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Friday
June 2021
11:33 PM IST
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Multan knocks Quetta out of PSL with 110-run win        WTC Final: Kohli eyes legacy, Williamson prize for consistency in battle of equals        India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects        China successfully launches first crew to new space station        Biden, Putin discuss ambassadors, nuclear weapons and more        Pre-monsoon showers in national capital        Sonia taken Covid jabs, govt should inoculate all instead of creating non-issues: Cong        PM should acknowledge his mistakes, seek expert help to rebuild India: Rahul        PM invites world to invest in India        Yuvraj Singh becomes face of PUMA Motorsport in India        Dutee expects Olympics spot on basis of world rankings if not through qualification timing        India's fuel demand rebounds in June        Power consumption grows 9.3 pc in first half of June        UK expands COVID-19 vaccination drive to cover all over-21s        China says nuclear fuel rods damaged, no radiation leak        Tourists delighted after Taj Mahal reopens after two months        Odisha extends partial lockdown till July 1, opens borders with Chhattisgarh, Jharkhand        PM to launch customised crash course for Covid frontline workers        Unseeded Krejcikova wins maiden Grand Slam title in Paris        Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol        
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Business News
Gati to exit cold chain solutions biz; Q4 consolidated loss widens to Rs 173.40 cr
 
New Delhi: 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.

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. The company 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.

In the quarter ended March 31, 2021, Gati Ltd reported a total exceptional expense of Rs 172.87 crore. The company reported diminution amounting to Rs 171.03 crore in the present fair value of the assets sold during the year and proposed to be sold, the filing added.

Following the exit from its cold chain solutions business and post the closure of the transaction, Gati's consolidated gross debt will come down by around Rs 100 crore. With this, Gati would have reduced its consolidated gross debt by more than 50 per cent over the last 12 months, the statement said.

The company said since its acquisition by Allcargo group last year, it has been on a continuous transformation journey to focus on asset-light, high-return on equity businesses.

Gati has sold or closed down four non-core businesses over the last year, so as to focus entirely on the express distribution and e-commerce businesses and regain market leadership position, the company said.


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