Gateway Distriparks subsidiary Snowman Logistics to get Rs 60 crore from NVP

MUMBAI: Gateway Distriparks today said its logistics subsidiary Snowman Logistics ( SLL) will be getting a Rs 60 crore infusion from private equity fund Norwest Venture Partners.

"Gateway Distriparks and Snowman Logistics today executed a share subscription agreement with Norwest Venture Partners VII-A-Mauritius, pursuant to which NVP will invest Rs 60 crore in SLL by subscription to SLL's equity shares," the company said in a statement here.

NVP will hold a 14.3 per cent stake in SLL post infusion, it said.

The money will be used to fund the growth plans of Snowman Logistics, it said.

SLL, which provides temperature controlled storage and transportation solutions for dairy products, ice cream, processed food, sea-food and poultry and meat, operates through 25 facilities at 18 locations in the country capable of warehousing in excess of 45,000 pallets (racks), it said.

It also operates 220 leased and owned refrigerated trucks, the statement added.

The Gateway Distriparks stock was trading 1.68 per cent down at Rs 114.05 a piece on the BSE at 1438 hours, with the 30-share benchmark up 1.88 per cent.