Adani acquires Snowman for Rs 296 Crores

Karan Adani, chief executive officer and whole time director of APSEZ said, “We are excited to announce the acquisition of Snowman Logistics. 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.”

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 of 26% of the public shareholding in the company.

“Cold chain is key product in our strategy, given India’s consumer-driven demand. We will double the capacity in the 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,” added Adani.

Snowman Logistics has over 25 year of expertise in the business of integrated cold chain logistics providing warehousing, distribution and value added services. It is operating in 31 temperature-controlled warehouses at 15 strategic locations. The company infrastructure includes warehousing capacity of 1,04,343 pallets and 293 refrigerated vehicles (reefers).