Adani Logisticsto acquire Inland Container Depot at Tumb Village Gujarat

19 Aug 2022 , 01:33 AM

Adani Logistics a wholly owned subsidiary of Adani Ports and Special Economic Zone has signed a definitive agreement to acquire the Inland Container Depot ICD Tumb Vapi from Navkar Corporation for an enterprise value of Rs 835 crore The deal comprises acquisition of the operational ICD with capacity to handle 05 million TEUs The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in near future as additional industrial corridors and logistic parks get added along these DFC routes The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land bonded warehouse facilities 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 EVEBITDA multiple of 78x based on FY23E EBITDA The deal is subject to customary regulatory and lenders approvals and is expected to close in Q2 FY23