Gati appoints Allcargo CMD Shashi Kiran Shetty as chairman
July 25, 2020: Express logistics company Gati has appointed Allcargo CMD Shashi Kiran Shetty its chairman.
July 25, 2020: Express logistics company Gati has appointed Allcargo CMD Shashi Kiran Shetty its chairman after Gati’s non-executive chairman for 22 years, K. L. Chugh, stepped down from the board on July 24.
Allcargo acquired 46.83 percent in Gati for Rs 416 crore in April, making it one of the largest multimodal logistics players in India.
In the previous board meeting, Gati’s board had inducted Allcargo’s joint managing director Adarsh Hegde, chief investment officer Jatin Chokshi, Kaiwan Kalyaniwalla, Cynthia D’Souza, Mohinder Pal Bansal and Dinesh Kumar Lal as independent directors.
Shashi Kiran Shetty, chairman, Allcargo Logistics and Gati, said, “The new leadership will strengthen the strategic partnership between the two independent companies, align them to a common culture and values as also stimulate the transformation of the group into one of the largest multimodal logistics service providers in the country. It will also elevate us to an unchallenged position in the third-party logistics solutions space.”
“Shetty has spearheaded a number of successful mergers and acquisitions with Indian and international companies over the past decade. The express logistics industry is expected to reach Rs 48,000 crore by 2023, holding out opportunities for Allcargo to increase its topline via its acquisition of Gati,” said the release.