Gains entry into organised cold chain logistics business
MUMBAI: Container logistics company Gateway Distriparks on Wednesday acquired 50.1 per cent in Snowman Frozen Foods Ltd. for a consideration of Rs. 48.12 crore to gain an entry into the fast growing organised cold chain logistics business.
Addressing reporters here on Wednesday, Gateway Distriparks Chairman Gopinath Pillai said Snowman was the largest player in the organised cold chain logistics business that was growing at 25-30 per cent annually.
Snowman Frozen Foods currently has 16 cold stores spread across the country with a total capacity of 8,600 pallets, operates around 90 refrigerated trucks and has the capability to handle variety of products.
It is a joint venture between Mitsubishi Corporation, Mitsubishi Logistics Corporation, Nichirei Logistics Group, Amalgam Foods and Hindustan Lever.
The three Japanese companies would continue to hold 48.69 per cent stake in Snowman.
The balance 1.21 per cent would be held by Amalgam Foods. PTI