Gateway Rail Freight signs deal with Concor

The board of directors of Gateway Distriparks, which met on March 25, 2007, approved a proposal of Gateway Rail Freight (GRFPL), the company's subsidiary, to sign an agreement with Container Corporation of India (Concor) and form a joint venture company to undertake rail movement of containers from its inland container depot (ICD) at Garhi Harsaru, Gurgaon.

According to a release issued by Gateway to the BSE, the JV agreement was signed by GRFPL and Concor in New Delhi today.

"GRFPL will hold 51% and Concor 49% in the new JV company, which will have an initial equity capital of around Rs 21 crore. The company will make available its ICD at Garhi Harsaru, Gurgaon under long-term lease to GRFPL, which, in turn, would sub-lease it to the JV company," the release added.