<p>Billionaire Gautam Adani's port-to-power Adani group has acquired majority stake in Snowman Logistics Ltd for Rs 296 crore to foray into cold chain logistics.</p>.<p>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.</p>.<p><gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774536992296893942954">Snowman</gwmw> is <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774536992298390278716">market leader</gwmw> in cold chain logistics with over 30 per cent of capacity amongst integrated <gwmw class="ginger-module-highlighter-mistake-type-1" id="gwmw-15774536992290215510591">organised</gwmw> cold chain service providers in India.</p>.<p>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 <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537006283975654251">port gate</gwmw> to customer gate.</p>.<p>"The purchase price of Rs 44 per share represents a 8 per cent premium to the market price of December 27, 2019 and a 12 per cent premium to <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537033103732368763">60 day</gwmw> average," it said.</p>.<p>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 per cent of the public shareholding in the Snowman Logistics.</p>.<p><gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537062975697716955">Acquisition</gwmw> is subject to customary condition precedents and expected to close by March 31, 2020.</p>.<p>Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, "The acquisition is in line with our strategy and vision to be a leader in providing integrated logistics services in India and moving from <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537082909366721601">port gate</gwmw> to customer gate. <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537093254588319931">Cold chain</gwmw> is <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537093256092180574">key product</gwmw> in customer gate strategy given India's consumer driven demand. We will double the capacity in next 5 years.</p>.<p>"With focus on <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537123053886668183">increase</gwmw> in utilization, higher realization from product mix and operational efficiencies, this vertical will help further improve returns of logistics business".</p>.<p>Incorporated in 1994, Snowman Logistics is in the business of integrated cold chain <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537143933861162537">logistics providing</gwmw> warehousing, distribution and value added services.</p>.<p>With over 25 years of expertise, the firm is the largest organized player in the country with pan India presence operating 31 temperature-controlled <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537163102545100593">warehouses</gwmw> at 15 strategic locations. The company infrastructure includes warehousing capacity of 1,04,343 pallets and 293 refrigerated vehicles.</p>.<p>Adani Logistics has expertise in handling varied customer across segments like retail, industrial, bulk, break-bulk, liquids, auto and grain handling. It currently operates 5 logistics parks, 55 rakes, 400,000 sq ft of warehousing space, 5,000-plus containers, 0.9 million tonnes of grain silos and 9 inland waterways vessels.</p>.<p>The company is targeting 15-plus logistics parks, 200-plus rakes, 5 million sq ft of warehouse space, over 15,000 containers, 2.5 million tonnes of grain silos and 25 inland waterways vessels by 2025, the statement said.</p>.<p>Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest port developer and operator in India. Its 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 per cent 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 <gwmw class="ginger-module-highlighter-mistake-type-1" id="gwmw-15774537283133677967183">transhipment</gwmw> port at Vizhinjam, Kerala.</p>
<p>Billionaire Gautam Adani's port-to-power Adani group has acquired majority stake in Snowman Logistics Ltd for Rs 296 crore to foray into cold chain logistics.</p>.<p>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.</p>.<p><gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774536992296893942954">Snowman</gwmw> is <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774536992298390278716">market leader</gwmw> in cold chain logistics with over 30 per cent of capacity amongst integrated <gwmw class="ginger-module-highlighter-mistake-type-1" id="gwmw-15774536992290215510591">organised</gwmw> cold chain service providers in India.</p>.<p>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 <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537006283975654251">port gate</gwmw> to customer gate.</p>.<p>"The purchase price of Rs 44 per share represents a 8 per cent premium to the market price of December 27, 2019 and a 12 per cent premium to <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537033103732368763">60 day</gwmw> average," it said.</p>.<p>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 per cent of the public shareholding in the Snowman Logistics.</p>.<p><gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537062975697716955">Acquisition</gwmw> is subject to customary condition precedents and expected to close by March 31, 2020.</p>.<p>Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, "The acquisition is in line with our strategy and vision to be a leader in providing integrated logistics services in India and moving from <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537082909366721601">port gate</gwmw> to customer gate. <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537093254588319931">Cold chain</gwmw> is <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537093256092180574">key product</gwmw> in customer gate strategy given India's consumer driven demand. We will double the capacity in next 5 years.</p>.<p>"With focus on <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537123053886668183">increase</gwmw> in utilization, higher realization from product mix and operational efficiencies, this vertical will help further improve returns of logistics business".</p>.<p>Incorporated in 1994, Snowman Logistics is in the business of integrated cold chain <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537143933861162537">logistics providing</gwmw> warehousing, distribution and value added services.</p>.<p>With over 25 years of expertise, the firm is the largest organized player in the country with pan India presence operating 31 temperature-controlled <gwmw class="ginger-module-highlighter-mistake-type-3" id="gwmw-15774537163102545100593">warehouses</gwmw> at 15 strategic locations. The company infrastructure includes warehousing capacity of 1,04,343 pallets and 293 refrigerated vehicles.</p>.<p>Adani Logistics has expertise in handling varied customer across segments like retail, industrial, bulk, break-bulk, liquids, auto and grain handling. It currently operates 5 logistics parks, 55 rakes, 400,000 sq ft of warehousing space, 5,000-plus containers, 0.9 million tonnes of grain silos and 9 inland waterways vessels.</p>.<p>The company is targeting 15-plus logistics parks, 200-plus rakes, 5 million sq ft of warehouse space, over 15,000 containers, 2.5 million tonnes of grain silos and 25 inland waterways vessels by 2025, the statement said.</p>.<p>Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest port developer and operator in India. Its 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 per cent 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 <gwmw class="ginger-module-highlighter-mistake-type-1" id="gwmw-15774537283133677967183">transhipment</gwmw> port at Vizhinjam, Kerala.</p>