Adani Logistics, Gateway Distriparks settle dispute over Snowman deal

0
4307

Adani Logistics Ltd (ALL) and Gateway Distriparks Ltd (GDL) have resolved their dispute over sale of controlling stake in Snowman Logistics.

Further, Adani Logistics will continue as a minority shareholder with 26 per cent stake in Snowman Logistics.

The firms said ALL will not have any right to nominate or appoint any director on the board of Snowman and it will not be involved in the day-to-day management or business operations of the cold chain company, Snowman.

As per the settlement among the three parties, GDL will continue to remain the sole promoter of Snowman and shall be solely responsible for the management and business operations of Snowman.

Adani Logistics Ltd (ALL), a unit of Adani Ports, had struck a deal last December to buy a 40.25% promoter stake in Snowman, along with an open offer to acquire another 26% from public shareholders. Adani was to pay Rs 296 crore for the promoter share and another Rs 191 crore for the public shareholding.

On May 11, Gateway had disclosed that the December agreement to sell its stake in Snowman was no longer in force, and later on May 22 it said the group had initiated arbitration proceedings against Adani.

LEAVE A REPLY

Please enter your comment!
Please enter your name here