India’s Adani Logistics to buy ICD Tumb for ₹835 cr

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India’s major logistics provider Adani Logistics Ltd has inked an agreement to acquire inland container depot (ICD) Tumb, located in the city of Vapi, Gujarat from Navkar Corporation Ltd for an enterprise value of ₹835 crore. Tumb can manage around 0.5 million twenty-foot equivalent units (TEUs), and is strategically situated between Hazira port (~160 km) and Nhava Sheva port (~230 km) along the Western Dedicated Freight Corridor (DFC).

The Tumb ICD is expected to serve many Gujarat Industrial Development Corporations (GIDCs) and Maharashtra Industrial Development Corporations (MIDCs), according to a press release by Adani Logistics Ltd.

The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in the future as more industrial corridors and logistic parks get added along the DFC routes. The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land and bonded warehouse facilities, added the release.

India’s major logistics provider Adani Logistics Ltd has inked an agreement to acquire ICD Tumb, located in the city of Vapi, Gujarat from Navkar Corporation Ltd for an enterprise value of ₹835 crore. Tumb can manage around 0.5 million TEUs, and is strategically situated between Hazira port (~160 km) and Nhava Sheva port (~230 km) along the Western DFC.

“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,” said Karan Adani, CEO and whole time director of Adani Ports and Special Economic Zone Ltd (APSEZ). 

The deal is subject to customary regulatory and lender’s approvals and is expected to be closed in the second quarter of fiscal 2023.

Fibre2Fashion News Desk (NB)


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