Adani Logistics, the wholly-owned subsidiary of Adani Ports and Special Economic Zone Ltd. has signed a definitive agreement to acquire ICD Tumb (Vapi) from Navkar Corporation for £83.5 million. 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), Adani Logistics Ltd (ALL) said in a statement.
It has also acquired 129 acre land and replacement costs of existing assets. The deal is subject to regulatory and lender’s approvals and is expected to close by September. “ICD Tumb’s 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 and Nhava Sheva,” said Karan Adani, CEO, and whole-time director, APSEZ.
The 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.
“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. 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.