Gateway Distriparks Ltd (GDL) has terminated a share purchase agreement to sell its entire stake of 40.25 per cent in Snowman Logistics to Ad Logistics for a consideration of Rs 295.92 crore.
Snowman is the largest cold chain provider in India and provides integrated temperature-controlled warehousing transportation and distribution services.
"The condition for completion of the transaction by March 31 was not met by the acquirer despite without prejudiced good faith attempts to resolve the matter," Gateway Distriparks said in a statement on Monday.
"The agreement is not in force due to repudiation thereof by the acquirer. The acquirer has been so informed," it said.
Gateway Distriparks is a major logistics company with three verticals: container freight stations, inland container depots with rail movement, and cold chain storage and logistics.
At 10:30 am, its stock was trading at Rs 86.10 apiece, down 1.32 per cent.
The GDL Group is an integrated inter-modal logistics service provider operating six container freight stations in Nhava Sheva, Chennai, Visakhapatnam, Kochi and Krishnapatnam.
Its subsidiary Gateway Rail is India's largest private intermodal operator providing rail transport service through four inland container depots at Gurgaon, Faridabad, Ludhiana, Ahmedabad and a domestic container terminal at Navi Mumbai.
( With inputs from ANI )