Adani Logistics has signed a definitive agreement to acquire the ICD “Tumb” (Vapi) from Navkar Corporation Ltd for an enterprise value of Rs 835 crore.
The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million TEUs. 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 logistics parks get added along these DFC routes.
The Tumb ICD has a private freight terminal with four rail handling lines connected with the 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 EV/EBITDA multiple of 7.8x. The deal is subject to customary regulatory and lender’s approvals and is expected to close in Q2 FY23.
