Adani Logistics acquires ICD 'Tumb' (Vapi) from Navkar Corporation

by IANS |

Ahmedabad, Aug 16 (IANS) Adani Logistics Ltd (ALL), a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a definitive agreement to acquire the ICD "Tumb" (Vapi) from Navkar Corporation Ltd for an enterprise value of Rs 835 crore.

The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million TEUs. The 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 routes.

The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land & bonded warehouse facilities.

"Tumb is one of the largest ICDs in the country. Given its strategic positioning in the middle of one of the busiest industrial zones and access to the dedicated freight corridor allows it to meaningfully serve the vast hinterland with access to two of the busiest ports on both sides, Hazira & Nhava Sheva," said Karan Adani, CEO and Whole Time Director of APSEZ.

"In addition to cargo moving by rail being 5X greener than that moving by road, another prime benefit of the access to the DFC is the savings in average transit times that is expected to be 10 hours by rail versus 24 hours by road. 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. We are confident to grow the volumes at the ICD at high double digits as we build out a sustainable world class multi-modal supply chain solution for the nation."

The acquisition based on the land value and replacement cost of existing assets is priced at an enterprise value of Rs 835 crore, implying an EV/EBITDA multiple of 7.8x (based on FY23(E) EBITDA). The deal is subject to customary regulatory and lender's approvals and is expected to close in Q2 FY23.

Latest News
Aaftab Amin Poonawalla's judicial custody extended for 14 more days Fri, Dec 09, 2022, 01:34 PM
Indian-origin Sushmita Shukla named First VP of Federal Reserve Bank of New York Fri, Dec 09, 2022, 01:00 PM
Randhawa and Singh trail going into final round of PGA Tour Champions Q-School Fri, Dec 09, 2022, 12:59 PM
Uproar in RS over Bihar law & order situation, Lakhimpur Kheri farmers' compensation issue Fri, Dec 09, 2022, 12:59 PM
Alyssa Healy relishing challenge of stepping into Lanning's shoes Fri, Dec 09, 2022, 12:57 PM
FIFA World Cup arouses Gazans' enthusiasm despite daily woes Fri, Dec 09, 2022, 12:56 PM
Brazil must be at their best to beat Croatia: Danilo Fri, Dec 09, 2022, 12:55 PM
Indigenous sport kabaddi triumphs over a global marquee sporting event in latest viewership data Fri, Dec 09, 2022, 12:54 PM
Germany, Belgium's early exits lead to jersey devaluation Fri, Dec 09, 2022, 12:53 PM
TPL: Bengaluru Spartans displace Finecab Hyderabad Strikers from the top on Day 2 Fri, Dec 09, 2022, 12:52 PM
Australian Open 2022: World No 1 Swiatek leads entry list Fri, Dec 09, 2022, 12:51 PM
Overcoming odds, 3 movement leaders emerge victorious in Guj Assemby polls Fri, Dec 09, 2022, 12:49 PM
US and Russia undertake high-profile prisoner swap at Abu Dhabi airport Fri, Dec 09, 2022, 12:42 PM
Extrajudicial killings, enforced disappearances continue in Balochistan: rights body Fri, Dec 09, 2022, 12:36 PM
ED tracking links between teachers' recruitment & cattle smuggling scams in Bengal Fri, Dec 09, 2022, 12:25 PM