The company said the acquisition is in line with its strategy of building an integrated transportation company and logistics infrastructure across India and Tumb integrates the seven existing multimodal logistics parks in Adani Logistics’ portfolio.
Adani Logistics, a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd, announced Tuesday that it has signed a definitive agreement to acquire ICD Tumb (Vapi) from Navkar Corporation for Rs 835 crore. Adani Logistics Ltd (ALL) said in a statement that the agreement includes the acquisition of the operating ICD with a capacity of 0.5 million TEU (Twenty-Foot Equivalent Unit).
The associated 129 acres of land provide further expansion path to increase capacity and freight transportation in the near future as more industrial corridors and logistics parks are added along these Dedicated Freight Corridor (DFC) routes, he noted. The company said the acquisition is in line with its strategy of building an integrated transportation company and logistics infrastructure across India and Tumb integrates the seven existing multimodal logistics parks in Adani Logistics’ portfolio.
According to the statement, ICD Tumb has a private freight terminal with four rail freight lines connected to Western DFC, declared country and bonded warehousing facilities. Tumb is strategically located serving both the Port of Hazira and the Port of Nhava Sheva along the western DFC, surrounded by the industrial units of the Gujarat Industrial Development Corporation (GIDC) and the Maharashtra Industrial Development Corporation (MIDC).
Karan Adani, CEO and full-time director of APSEZ, said, “This acquisition fits well with our transformation strategy to a transportation company and brings us closer to our goal of offering cost-effective door-to-door services to our customers.” Das has all developed and operates Multi-Modal Logistics Parks (MMLP) in Patli, Kishangarh, Kilaraipur, Malur, Mundra, Nagpur and Taloja. APSEZ is part of the globally diversified Adani group.