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

PTI | New Delhi | Updated: 16-08-2022 18:00 IST | Created: 16-08-2022 17:48 IST
Adani Logistics to acquire ICD Tumb from Navkar Corp for Rs 835 cr
Representative Image Image Credit: ANI
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Adani Logistics, a wholly-owned subsidiary of Adani Ports and Special Economic Zone Ltd, on Tuesday, said it has signed a definitive agreement to acquire ICD Tumb (Vapi) from Navkar Corporation for Rs 835 crore.

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

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

The company said the acquisition is in line with its strategy to build integrated transport utility and pan India logistics infrastructure, and Tumb adds 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 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 Whole-Time 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 turnover of ICD situated at Tumb village of Valsad district in Gujarat as on last financial year ended March 31, 2022 was Rs 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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