Gateway Distriparks Limited — Important, 26-12-2024: General Updates

Gateway Distriparks Limited (GDL) has increased its stake in Snowman Logistics Limited (SLL) by acquiring 1,665,284 equity shares, raising its ownership to 50.01%. As a result, SLL has now become a subsidiary of GDL. This acquisition aligns with GDL's strategic objective of enhancing its logistics business, as both companies operate in the same sector. SLL is a market leader in integrated temperature-controlled logistics, boasting a turnover of Rs. 503.37 Crore for the financial year 2023-24 and a network of 45 warehouses across 20 cities, catering to various temperature-sensitive products. The cash purchase from the open market reflects GDL's intent to strengthen its operational capabilities in the cold chain logistics landscape, presenting a positive outlook for shareholders given the growing demand for temperature-sensitive logistics solutions.