Billionaire Gautam Adani's logistics unit has acquired the 'Tumb' inland container depot in Vapi, as the largest private ports developer continues to expand in the country's logistics sector.
Adani Logistics Ltd., a unit of Adani Ports and Special Economic Zone Ltd., has signed a definitive agreement to acquire ICD 'Tumb' in Vapi, Gujarat from Navkar Corporation Ltd. for an enterprise value of Rs 835 crore, according to its statement.
The deal comprises acquisition of the operational inland container depot with a capacity to handle 5 lakh twenty-foot equivalent units.
“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, chief executive officer at Adani Ports.
“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," he 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 company said the associated 129 acres of land along with the depot 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 deal, subject to customary regulatory and lender approvals, is expected to close in the ongoing second quarter of FY23.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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