5 December 2019 GATI is engaged in express distribution (surface, air and rail parcel), which contributes ~80% of its revenue. It has a pan-India network in the surface express industry. We, however, note that GATIs consol. Post-acquisition, AGLL will gain management control in GATI and thus an entry in express distribution, which is lacking in its portfolio. The SPA involves the acquisition of up to promoters of GATI, viz. Mr Mahendra Kumar Agarwal, Mahendra Investment Advisors, and TCI Finance. The SSA is for subscribing to the AGLL will thus acquire 19.4% of equity share capital (post preferential issue) of GATI. AGLL has also approved an open offer for the acquisition of 31.7m shares representing 26% of the paid-up equity share capital (post preferential issue and vesting of stock option) of GATI at a price of INR75/share. AGLL will acquire ~45% stake in GATI for INR4.2b.