Gati Corp looks at divesting 26% stake in shipping arm
Gati Corp is demerging its shipping business into a wholly-owned subsidiary confirms Managing Director and Chief Executive Officer Mahendra Agarwal. It is also looking at roping in a strategic or financial partner in the newly hived-off entity along with divesting 26% stake in the same. “The demerger process may take four to five months.”
In financial year 2011, the sales of the shipping division, which has five ships of its own and two leased, are seen at Rs 120-130 crore.
