Navkar Corporation board to sell Tumb ICD to Adani Logistics for Rs835 crore

18 Aug 2022 , 09:25 AM

The meeting of Board of Directors of Navkar Corporation Limited held on Tuesday, August 16, 2022 has approved the transfer of its title, rights, interest, ownership and the operations of its Business Undertaking for a lumpsum consideration of approximately Rs835 crore to Adani Logistics Limited.

Navkar Corporation Limited is one of largest Container Freight Stations (CFSs) and Inland Container Depots (ICDs), Rail Terminals, Container Train Operator, Warehousing and other Logistics Solution providers.

The Company has 3 Container Freight Stations, two at Ajivali and one at Somathane in Panvel. The Company also has Inland Container Depot located at Tumb village in South Gujarat region. The Company is in the process of setting up Inland Container Depot and Private Freight Terminals at Manaba, District Morbi in Gujarat.

Further, the Company will utilize the consideration amount to repay the existing debt exposure and it will become 100% Debt Free.

The remaining consideration amount shall be used for expansion of upcoming project Inland Container Depot (ICD) situated at Manaba, District Morbi, Gujarat, further new expansion and create the value for stakeholders.

The Assets monetization of ICD situated at Tumb, Vapi and all the future investments will be align with business strategy and exploring various available options for further expansion, the company said.

At around 9:26 AM, Navkar Corporation Ltd was trading at Rs74.05 per share down by Rs0.25 or 0.34% from its previous closing of Rs74.30 per share on the BSE.