Adani Group and Gateway Distriparks Ltd on Monday informed stock exchanges that they have settled a dispute regarding the sale of controlling stake in cold chain logistics company Snowman Logistics Ltd, owned by Gateway.
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 ₹296 crore for the promoter share and another ₹191 crore for the public shareholding.
On 11 May, Gateway had disclosed that the December agreement to sell its stake in Snowman was no longer in force, and later on 22 May it said the group had initiated arbitration proceedings against Adani.
As per the settlement terms, Gateway Distriparks will continue as the sole promoter of Snowman and ALL will be a minority shareholder in Snowman. ALL holds a 26% stake in Snowman which it acquired through an open offer.
“ALL shall not be involved in the day-to-day management of business operations of Snowman and shall not have a right to nominate or appoint any director on the Board (or committee(s)) of Snowman,” the exchange filing said.
There are no pending claims or counter-claims by either of the parties, it added.
