Gautam Adani’s port-to-power Adani group has acquired a majority stake in Snowman Logistics Ltd for Rs 296 crore, marking the foray of the group into cold chain logistics.

Adani Logistics Ltd, a wholly owned subsidiary of Adani Ports and SEZ Ltd, signed definitive agreements to acquire a 40.25 per cent stake in Snowman Logistics Ltd from Gateway Distriparks Ltd.

Snowman is a market leader in cold chain logistics with over 30 per cent capacity among integrated organised cold chain service providers in India. The acquisition gives Adani Logistics a platform to double its capacity in the next five years. The buyout is in line with the firm’s strategy to move from port gate to customer gate.

“The purchase price of Rs 44 per share represents a 3.2 per cent premium to the market price of December 27, 2019, and a 12 per cent premium to 60 day average,” it said.

Adani Logistics will make a mandatory open offer under the Substantial Acquisition of Shares and Takeover Guidelines, 2011, for a maximum 26 per cent of the public shareholding in Snowman Logistics.

Karan Adani, chief executive officer and wholetime 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 port gate to customer gate. Cold chain is a key product in customer gate strategy given India’s consumer driven demand.”