Adani Ports and Special Economic Zone (APSEZ) on Monday said its subsidiary Adani Logistics is still in talks to buy Gateway Distripark Ltd”s (GDL) 40.25 per cent stake in Snowman Logistics.
GDL earlier this week had said that the proposed sale of entire 40.25 per cent stake of Gateway Distriparks in cold chain operator Snowman Logistics to Adani Logistics was called off due to repudiation of the agreement by the acquirer.
As notified to the stock exchanges on April 1, 2020, Adani Logistics Ltd (ALL) currently holds 26 per cent of the total voting equity share capital of Snowman, pursuant to an open offer and that parties are in discussion in relation to the purchase of its 40.25 per cent stake in Snowman pursuant to a share purchase agreement dated December 27, 2019 between ALL, GDL and Snowman (SPA), APSEZ said in a regulatory filing to the BSE.
“ALL has received a letter issued by GDL in relation to a purported repudiation of the SPA and ALL has duly responded to the same. ALL has categorically denied the correctness and basis of the statements, assertions and claims being made by GDL,” APSEZ said. Snowman Logistics is the cold chain unit of Gateway Distriparks Ltd. “The condition for completion of transaction by March 31, 2020 was not met by the acquirer, and the seller has notified the acquirer and the company that the agreement is not in force due to repudiation of the agreement by the acquirer,” Gateway Distriparks has earlier said in a BSE filing.
Last year, Adani Logistics had announced signing of a definitive agreement to acquire 40.25 per cent stake in Snowman Logistics from Gateway Distriparks for Rs 296 crore.