Strategically located between Hazira port (~160 km) and Nhava Sheva port (~230 km) along Western DFC, ICD will serve several GIDCs & MIDCs

Editor’s Synopsis

    • ALL acquires ICD “Tumb” (Vapi), Gujarat, one of the largest ICDs in India with capacity of 0.5 million TEUs

    • Acquisition in line with strategy to build integrated transport utility and pan India logistics infrastructure and Tumb adds to the existing seven multimodal logistics parks in the Adani Logistics portfolio.

    • Strategically located, Tumb serves both Hazira port & Nhava Sheva port along the Western DFC surrounded by industrial units of GIDCs & MIDCs

    • Based on land value and asset replacement cost, the transaction is priced at Rs 835 Cr, implied EV/EBITDA multiple of 7.8x FY 23(E)

Ahmedabad, 16 August 2022: Adani Logistics Ltd (ALL), a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a definitive agreement to acquire the ICD “Tumb” (Vapi) from Navkar Corporation Ltd for an enterprise value of Rs 835 Cr. 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 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.


“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 to meaningfully serve the vast hinterland with access to two of the busiest ports on both sides, Hazira & Nhava Sheva” said Mr. Karan Adani, CEO and Whole Time Director of APSEZ. “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. We are confident to grow the volumes at the ICD at high double digits as we build out a sustainable world class multi-modal supply chain solution for the nation”.


The acquisition based on the land value and replacement cost of existing assets is priced at an enterprise value of Rs 835 Cr, implying an EV/EBITDA multiple of 7.8x (based on FY23(E) EBITDA). The deal is subject to customary regulatory and lender’s approvals and is expected to close in Q2 FY23.