Adani withdraws from its deal to acquire Snowman from Gateway

May 12, 2020: Adani Logistics, the wholly-owned subsidiary of Adani Ports & Special Economic Zone (APSEZ), has withdrawn itself from the deal to acquire shareholdings in the cold chain logistics provider Snowman Logistics from Gateway Distriparks.

The stock exchange filing of Snowman in BSE reads “With reference to our earlier intimations dated December 27, 2019, and April 1, 2020, regarding the proposed sale of entire shareholding held by the Gateway Distriparks Limited in the company to Adani Logistics by March 31, 2020. This is to inform you that the condition for completion of transaction by March 31, 2020, was not met by the acquirer, and the seller has notified the acquirer and the company that the agreement is not in force due to repudiation of the agreement by the acquirer.”

In December, Adani Logistics had announced the signing agreements to acquire the entire 40.25 percent stake from Gateway Distriparks for Rs 296 crore.

Snowman Logistics
Incorporated in 1994, SLL is in the business of integrated cold chain logistics providing warehousing, distribution and value-added services. With 25 years of presence, SLL operates from 31 temperature-controlled warehouses at 15 locations. The company infrastructure includes warehousing capacity of 1,04,343 pallets and 293 refrigerated vehicles (Reefers).