Business

Adani Logistics to acquire ICD Tumb from Navkar Corp. for ₹835 cr.

Adani Logistics, a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd, on Tuesday said it had signed a definitive agreement to acquire ICD Tumb (Vapi) from Navkar Corporation for ₹835 crore.

Adani Logistics in a statement said the deal comprised the acquisition of the operational inland container depot (ICD) with capacity to handle 0.5 million TEUs (twenty-foot equivalent units).

An associated parcel of 129 acres of land provides an additional expansion path to increase capacity and cargo in near future, as more industrial corridors and logistics parks get added along these Dedicated Freight Corridor (DFC) routes, it noted.

The company said the acquisition was in line with its strategy to build integrated transport utility and pan-India logistics infrastructure, and that Tumb added to the existing seven multi-modal logistics parks in the Adani Logistics’ portfolio.

According to the statement, ICD Tumb has a private freight terminal with four rail-handling lines connected with the Western DFC, custom notified land and bonded warehouse facilities.

Strategically located, Tumb serves both Hazira port and Nhava Sheva port along the Western DFC surrounded by industrial units of Gujarat Industrial Development Corporation (GIDC) and Maharashtra Industrial Development Corporation (MIDC).

APSEZ CEO and wholetime director Karan Adani said: "This acquisition fits well with our transformation strategy towards becoming a transport utility as well as move us closer to our objective of providing economical door-to-door services to our customers".

The FY22 turnover of the ICD situated at Tumb village of Valsad district in Gujarat was ₹403.28 crore.

Navkar Corporation Limited is in the business of operation and development of Container Freight Stations, Inland Container Depots and other Logistics Solution.

ALL has developed and operates Multi-Modal Logistics Parks (MMLP) at Patli, Kishangarh, Kilaraipur, Malur, Mundra, Nagpur and Taloja.

APSEZ is part of the globally-diversified Adani Group.


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Printable version | Sep 20, 2022 5:11:36 am | https://www.thehindu.com/business/adani-logistics-to-acquire-icd-tumb-from-navkar-corp-for-835-cr/article65776196.ece