National Chronicle

Gautam Adani’s company will buy container depot for 835 crores, know what will be the benefit?

Gautam Adani's

Adani Logistics has said that the acquisition of Navkar Corporation’s ICD depot will be used as a means of transportation.

New Delhi: Gautam Adani, one of the world’s richest businessman and Asia’s richest businessman, is going to buy a container depot in Gujarat. Adani Ports is going to buy a container storage facility in Gujarat from Navkar Corporation for Rs 835 crore.

Adani Logistics, a wholly owned subsidiary of Adani Ports and Special Economic Zone Limited, said that it has entered into an agreement with Navkar Corporation to acquire ICD Tumb. This deal is going to be done for Rs 835 crore.

Adani Logistics has said that the deal includes the acquisition of ICD, which has a capacity to handle 5,00,000 TEU. Adani Logistics has said that Navkar Corporation’s acquisition of ICD is in line with the company’s strategy to utilize transportation and build logistics infrastructure. With the acquisition of Navkar Corporation’s ICD depot, Adani Logistics will have seven multimodal logistics parks in its existing portfolio.

The Competition Commission of India (CCI) only last week approved the acquisition of Switzerland’s Holcim Group’s stake in Ambuja Ltd and ACC Ltd to the Adani Group.
After this news came on Tuesday, there was a good rally in the shares of Adani Ports. Shares of Adani Port closed at the level of ₹ 824, up about 5 percent on Tuesday. After this news, the shares of Adani Ports also registered a rise on Wednesday and in the afternoon trade, it was trading at a level of ₹ 826 at a gain of 1.65 percent.

After this acquisition of Adani Group, it can also help in increasing the capacity of ICD depot. With this 129 acres of space is available. The Private Freight Terminal has four rail handling lines located on the Western Dedicated Freight Corridor. The land near it is custom notified and has been kept for warehouse facility.

A few days ago, the Adani Group had announced an investment of Rs 57,575 crore for an aluminum refinery in Odisha. The Adani Group had said it would set up an aluminum refinery near the bauxite mine and iron ore project with an annual production capacity of 4 million tonnes. Adani Road Transport Limited (ARTL), a part of the Adani Group, has entered into an agreement to acquire Macquarie Asia Infrastructure Fund’s toll road projects in Andhra Pradesh and Gujarat for Rs 3,110 crore.

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