Categories: Latest

Adani Forays into Cold Chain Logistics with INR 296 Cr acquisition of Snowman Logistics.

Editor’s Synopsis

·       Adani Logistics Ltd. (“ALL”) has signed an agreement to acquire entire 40.25% stake in Snowman Logistics Ltd. (“SLL”) for INR 296 Crores from Gateway Distriparks Ltd. (GDL)

·       Snowman is market leader in cold chain logistics with over 30% of capacity amongst integrated organized cold chain service providers in India

·       The acquisition gives ALL platform to double its capacity in next 5 years

·       Acquisition in line with ALL’s strategy to move from Port Gate to Customer Gate

New Delhi, December 28, 2019: Adani Logistics Limited (“ALL”), a wholly owned subsidiary of Adani Ports and SEZ Limited (“APSEZ”), today announced it has signed definitive agreements to acquire 40.25% stake in Snowman Logistics Ltd. from Gateway Distriparks Ltd.

The purchase price of INR 44 / share represents a 3.2% premium to the market price of December 27, 2019 and a 12% premium to 60 day VWAP.

As part of the transaction, Adani Logistics will make a mandatory open offer as per the Substantial Acquisition of Shares and Takeover Guidelines, 2011 for a maximum 26% of the public shareholding in the Company.

Acquisition is subject to customary condition precedents and expected to close by March 31, 2020.

Mr. Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “We are excited today to announce the acquisition of Snowman Logistics Ltd. 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. Cold chain is key product in customer gate strategy given India’s consumer driven demand. We will double the capacity in next 5 years. With focus on increase in utilization, higher realization from product mix and operational efficiencies, this vertical will help further improve returns of logistics business”

Corporate Comm India(CCI Newswire)

The Property Times News Bureau

Recent Posts

Champion REIT Recognised as ‘GRESB Global Listed Sector Leader’

- Sustainability Leadership Shines in 'GRESB Real Estate Assessment' and 'GRESB x HERA Standing Investment…

13 hours ago

GCCA India joins hands with Xynteo’s Build Ahead coalition to decarbonise India’s construction sector

Mumbai, November 06, 2024: The Global Cement & Concrete Association (GCCA) India and Xynteo announced…

13 hours ago

Sohna emerges as new micro-market in Delhi-NCR; set to add 16000+ residential units in 3 years

New Delhi, November 05, 2024: Haryana’s Sohna is emerging as a new micro-market in the…

2 days ago

Neo Developers Pvt Ltd. Appoints Manpreet Kaur as President – Sales

New Delhi, November 04, 2024: Neo Developers, a leading real estate company has announced the…

2 days ago

Renny expands its product range with focus on Green Manufacturing and New Solutions

New Delhi, November 02, 2024: Renny, a frontrunner in the building materials industry, continues to lead…

5 days ago

Rajkot Municipal Corporation Raises Rs 100 Crore Through Bond Issue to Boost Infrastructure & Community Services

New Delhi, November 01, 2024: To boost infrastructure and community services, Rajkot Municipal Corporation raised…

6 days ago