Adani Logistics, a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd, on Tuesday (August 16) said it has signed a definitive agreement to acquire Tumb’s Inland Container Depot (ICD) in Vapi Gujarat from Navkar Corporation for Rs 835 crore.
The deal consists of the acquisition of an operational ICD with the capacity to handle 0.5 million TEU (Twenty-foot Equivalent Units), the company said in a statement on Tuesday.
The associated 129-acre land provides an additional expansion route to increase capacity and cargo in additional industrial corridors and future logistics parks to be added along the DFC (Specialized Goods Corridor) route, the company said.
Tumb ICD has a private transport terminal with four rail handling lines connected to the West DFC and has custom notified land and bonded warehouse facilities, he added.
The company said that the acquisition is in line with its strategy to build India’s integrated transport utility and logistics infrastructure, and Tumb adds to the existing seven multimodal logistics parks in Adani Logistics’ portfolio.
Strategically located, Tumb serves both Hazira port & Nhava Sheva port along Western DFC surrounded by industrial units of Gujarat Industrial Development Corporation (GIDC) and Maharashtra Industrial Development Corporation (MIDC), he added.
“Tumb is one of the largest ICDs in the country. Given its strategic position in the middle of one of the busiest industrial zones and access to a dedicated cargo corridor allows it to provide meaningful service to a vast hinterland with access to the two busiest ports on either side, Hazira & Nhava Sheva” said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.
“In addition to cargo moving by rail being 5X greener than moving by road, another key benefit of access to DFC is the savings in average transit time expected to be 10 hours by rail compared to 24 hours by road. This acquisition is in line with our transformation strategy towards becoming a transport utility and brings us closer to our objective of providing cost-effective door-to-door services to our customers. We are confident of growing volumes at ICD in the high double digits as we build sustainable world-class multi-modal supply chain solutions for the country,” he added.