The announcement of this acquisition by Adani has come at the time when India is grappling with economic slowdown where domestic companies
of several sectors are cutting capex amid not-so-strong revenue visibility.
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 percent of the public shareholding in the company.
The acquisition is subject to customary condition precedents and is expected to close by March 31, 2020, informed Adani via release.
“We will double the (cold chain) capacity in next five years. With focus on increase in utilisation, higher realisation from product mix and operational efficiencies, this vertical will help further improve returns of logistics business,” Adani was quoted as saying.
has presence in 31 locations in the country across 15 cities. Promoter Gateway Distriparks had listed Snowman Logistics
in 2014 and had plans to grow in neighbouring geographies in the long-term.