Adani Logistics, a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), announced on Tuesday that it has acquired inland container depot (ICD) Tumb from Navkar Corporation for Rs 835 crore. ICD Tumb is one of the largest inland container depots, and has a capacity of 0.5 million TEU. The ICD is strategically located between the Hazira port and the Nhava Sheva port.
The deal is subject to customary regulatory and lenders’ approvals and is expected to close in the second quarter of FY23.
The Adani company has acquired the ICD in line with its strategy to build integrated transport utility and pan Indian logistics.
The company added that the 129 acres of land adds to the expansion path to increase capacity and cargo in the near future. “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,” the company added.
Karan Adani, CEO and Whole Time Director of APSEZ said that given the strategic position of one of the largest ICDs in the country, and its access to the dedicated freight corridor, it will allow the ICD to “meaningfully serve the vast hinterland with access to two of the busiest ports on both sides, Hazira & Nhava Sheva.”
“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,” said Adani. Adani Ports and Special Economic Zone already has six strategically located ports and terminals on the west coast (Mundra, Dahej, Tuna and Hazira in Gujarat, Mormugao in Goa and Dighi in Maharashtra) and 6 ports and terminals on the East coast of India (Dhamra in Odisha, Gangavaram, Visakhapatnam and Krishnapatnam in Andhra Pradesh, and Kattupalli and Ennore in Tamilnadu). It is also developing two transshipment ports at Vizhinjam, Kerala and Colombo, Sri Lanka.
