Adani Logistics acquires an inland container depot for ₹835 crore
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.
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The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million 20-foot-containers. The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in the near future as additional industrial corridors and logistic parks get added along these Dedicated Freight Corridor (DFC) routes.
The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land and bonded warehouse facilities.
"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 access to two of the busiest ports on both sides, Hazira & Nhava Sheva," said
"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 as well as move us closer to our objective of providing economical door to door services to our customers.”
The acquisition based on the land value and replacement cost of existing assets is priced at an enterprise value of Rs 835 crore, implying an earning before interest, taxes, depreciation and amortization multiple of 7.8x (based on FY23 (EBITDA). The deal is subject to customary regulatory and lender approvals and is expected to close in Q2 FY23.
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