Mumbai: Billionaire Gautam Adani's acquisition of cold chain logistics company Snowman Logistics Ltd has hit a hurdle after the latter's promoters on Monday said the agreement to sell a 40.25% promoter stake to Adani is no longer valid.
Gateway Distriparks Ltd, which runs various logistics businesses, is the promoter of Snowman Logistics. Adani Logistics Ltd in December had struck a deal to acquire the 40.25% promoter stake in Snowman Logistics Ltd, along with an open offer to acquire another 26% from public shareholders.
Adani was to shell out ₹296 crore to acquire the promoter share and another ₹191 crore for the public shareholding. However, the two parties could not close the transaction by the agreed timeline of 31 March. "This is to