Business
Adani Ports Arm To Acquire Inland Container Depot At Gujarat's Tumb From Navkar Corporation For Rs 835 Crore
Representative Image (Adani Ports corporate publicity image)
Adani Logistics, a wholly owned subsidiary of the Adani Ports and Special Economic Zone Ltd, on Tuesday (16 August) said it has signed a definitive agreement to acquire Inland Container Depot (ICD) Tumb in Gujarat's Vapi from Navkar Corporation for Rs 835 crore.
The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million TEUs (Twenty-foot Equivalent Units), the company said in a statement on Tuesday.
The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in near future asadditional industrial corridors and logistic parks get added along these DFC (Dedicated Freight Corrodor) routes, the company said.
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, it added.
The company said that the acquisition in line with its strategy to build integrated transport utility and pan India logistics infrastructure, and Tumb adds to the existing seven multimodal logistics parks in the Adani Logistics portfolio.
Strategically located, Tumb serves both Hazira port & Nhava Sheva port along the Western DFC surrounded by industrial units of Gujarat Industrial Development Corporation (GIDC) and Maharashtra Industrial Development Corporation (MIDC), it added.
“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," he added.
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