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Dawn Cherian made post

Has the dispute between Adani and GDL over Snowman Logistics been finally resolved?

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Dilmini Mercia answered.
4 weeks ago

Adani and Gateway Distriparks settled a dispute regarding sale of controlling stake in Snowman Logistics. Adani had signed a deal to buy 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 stake and Rs.191 crore for the public stake.

However, in May 2020 GDL rescinded the agreement. Gateway said it will continue to be the sole promoters of Snowman and Adani will be a minority shareholder in Snowman. Now they have reached a settlement wherein there will be no claims or counter claims and Adani will nod demand a board seat in Snowman.