Snowman Frozen Foods, a cold chain logistics service subsidiary of Singapore's Gateway Distriparks, proposes to triple its capacity with an investment of Rs 100 crore (approx $20 million). Snowman is a 51:49 JV between Gateway Distriparks and Mitsubishi group of companies, Japan.
The World Bank is reportedly likely to invest $ 5 million (approx Rs 25 crore) in Snowman. The company is expected to bring in the balance funds for the expansion through internal accruals
Snowman plans to expand its capacity to about 30,000 tonne — pallets in industry terms — over the next year-and-a-half. Its present capacity is about 10,000 pallets spread across 18 locations and a fleet of 77 reefer vehicles.
Source : ProjectsToday
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