Adani enters cold chain biz with Rs 296 cr Snowman Logistics stake purchase

Company picks up 40% in Snowman, plans to double capacity over next five years as it integrates logistics services and moves from port gate to customer gate

Adani Logistics, a subsidiary of Adani Ports and SEZ, announced on Friday it had signed an agreement to acquire a 40.25 per cent stake in Snowman Logistics from Gateway Distriparks for Rs 296 crore.

The purchase price of Rs 44 per share is a 3.2 per cent premium to the market price of December 27, and a 12 per cent premium to the 60-day volume weighted average price (VWAP), said a company release.

“The acquisition is in line with our strategy and vision to be a leader in providing integrated logistics services in India and moving from port gate to customer gate.