Billionaire Gautam Adani’s port-to-power Adani Group acquired 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 Special Economic Zone Ltd., signed definitive agreements to acquire 40.25 percent stake in Snowman Logistics from Gateway Distriparks Ltd.
Adani Logistics Limited (“ALL”), a wholly owned subsidiary of Adani Ports and SEZ Limited (“APSEZ”), has announced that 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.The 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”
Snowman Logistics Limited: (SLL)
Incorporated in 1993, SLL is in the business of integrated cold chain logistics providing
warehousing, distribution and value added services. With over 25 years of expertise, SLL is the largest organized player in the country with pan India presence operating 31 temperature controlled warehouses at 15 strategic locations.
The company infrastructure includes warehousing capacity of 1,04,343 pallets and 293 refrigerated vehicles (Reefers). SLL has a demonstrated track record of achieving scale and handling complex supply chain in cold chain industry.
With a well-diversified reputed client base, the Company derives majority of its revenue from fast growing and high yielding sectors including Seafood, Quick Service Restaurants, Meat and Pharmaceuticals
Adani Logistics Limited
Adani Logistics Limited (ALL) is a wholly owned subsidiary of Adani Ports and Special
Economic Zone Limited (APSEZL) and is the most diversified end-to-end logistics service
provider in the country with presence across all major markets. The company has expertise in handling varied customer across segments like Retail, Industrial, Bulk, Break-Bulk, Liquids, Auto and Grain Handling. ALL currently operates 5 Logistics Parks, 55 rakes ( 39 - Container, 8 – GPWIS, 1 - AFTO and 7 Agri Rakes), 400,000 sq ft of Warehousing space, 5,000 + containers, 0.9 million metric tonnes of Grain Silos and 9 Inland Waterways Vessels.
ALL has set itself a target of 15+ logistics parks, 200+ rakes, 5 million sq ft of warehouse space, 15,000 + containers, 2.5 million metric tonnes of Grain Silos and 25 Inland Waterways Vessels by 2025.
Adani Ports and Special Economic Zone
Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest port developer and operator in India.
In less than two decades, the company has built a formidable presence in port infrastructure and services. APSEZ’s 10 strategically located ports and terminals — Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha,Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai — represent 24% of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland.
The company is also developing a transhipment port atVizhinjam, Kerala. For more information, please visit Website - www.adaniports.com
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