Navkar Corporation to sell Tumb ICD to Adani Logistics Ltd for Rs. 835 crores

The Board of Directors of Navkar Corporation Limited ("The Company") held today i.e. on Tuesday, August 16, 2022 which commenced at 07:00 A.M. and concluded at 08:00 AM has approved the transfer of its title, rights, interest, ownership and the operations of its Business Undertaking situated at Survey Nos. - 44/1, 44/l/l P, 44/1/2P and other, Tumb Village, Taluka Umbergaon, Dist. Valsad, Gujarat - 396150 as a going concern, on an "as is where is" basis ("Business Undertaking") for a lumpsum consideration ofapproximately INR 835,00,00,000 (Indian Rupees Eight Hundred and Thirty Five Crore) to Adani Logistics Limited ("Purchaser") and the same shall be subject to approval of the Shareholders of the Company at the ensuing Annual General Meeting.

Navkar Corporation Limited is one of largest Container Freight Stations (CFSs) and Inland Container Depots (!CDs), Rail Terminals, Container Train Operator, Warehousing and other Logistics Solution providers. The Company has 3 (three) Container Freight Stations, two at Ajivali and one at Somathane in Panvel. The Company also has Inland Container Depot situated 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, Gujarat.

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

The balance 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.

Shares of Navkar Corporation Limited was last trading in BSE at Rs. 84.80 as compared to the previous close of Rs. 84.75. The total number of shares traded during the day was 707220 in over 4813 trades.

The stock hit an intraday high of Rs. 87.40 and intraday low of 82.30. The net turnover during the day was Rs. 60297293.00.

Source : Equity Bulls

Keywords

NavkarCorporation INE278M01019 Tumb ICD Sale BusinessUndertaking AdaniLogistics