Adani Group Acquires 40.25% Stake of Snowman Logistics, forays into Cold Chain Logistics
India based Adani group has acquired a majority stake in Snowman Logistics Ltd for Rs 296 crore to foray into cold chain logistics.
Adani Logistics Ltd, a wholly-owned subsidiary of Adani Ports and SEZ Ltd, signed definitive agreements to acquire 40.25 per cent stake in Snowman Logistics Ltd from Gateway Distriparks Ltd, the company said in a statement.
Snowman is market leader in cold chain logistics with over 30 per cent of capacity amongst integrated organised cold chain service providers in India.
The acquisition gives Adani Logistics platform to double its capacity in the next five years. The buyout is in line with the firm's strategy to move from port gate to customer gate.
"The purchase price of Rs 44 per share represents a 8 per cent premium to the market price of Decem...