Adani Logisticsto acquire the Inland Container Depot Tumb from Navkar Corporation Ltd for ₹835 crore.
- “Tumb” is one of the largest ICDs in the country.
- The deal is subject to customary regulatory and lender approvals and is expected to close in Q2 FY23.
Adani Logistics Ltd, a wholly owned subsidiary of
The deal includes the acquisition of the operational ICD with a capacity of 0.5 million 20-foot containers. The associated 129 hectares of land provide an additional expansion path to increase capacity and freight in the near future as additional industrial corridors and logistics parks are added along these Dedicated Freight Corridor (DFC) routes.
The Tumb ICD has its own freight terminal with four rail handling lines connected to Western DFC and has tailor-made land and customs warehousing facilities.
“Tumb is one of the largest ICDs in the country. Given its strategic location in the middle of one of the busiest industrial zones and access to the Special Freight Corridor, it has access to two of the busiest ports on both sides, Hazira & Nhava Sheva ,” said
“In addition to freight transported by rail being 5x greener than by road, another key benefit of accessing the DFC is the savings in average transit times which are expected to be 10 hours by rail versus 24 hours by rail. This acquisition fits well with our transformation strategy to become a transportation company and also brings us closer to our goal of providing our customers with cost-effective door-to-door services.”
The acquisition based on the land value and replacement cost of existing assets is priced at an enterprise value of Rs 835 crore implying earnings before interest, taxes, depreciation and amortization multiple of 7.8x (based on FY23 (EBITDA). subject to the customary regulatory and lender approvals and is expected to be completed in Q2 FY23.
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