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Adani Ports and Special Economic Zone to buy warehousing assets

Tuesday, 23 Nov 2021

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Adani Ports and Special Economic Zone (APSEZ) is looking to buy as much as 10 million sq ft of warehousing assets every year. The company is looking to raise capacity 150 times to 60 million sq ft by 2026 from the current eight lakh sq ft.

Adani Logistics, a unit of APSEZ, will use a mix of organic and inorganic opportunities to sail into a dominant position in the segment.

The company plans to add 30 million sq ft through greenfield development of warehouses leveraging its existing land parcels of 1,850 acre across top 20 cities in India, while about 30 million sq ft (16 percent of Grade A market capacity) will be added through acquisition of strategic assets in the top 20 markets.

About 60 percent of the 30 million sq ft of in-house developments will come from the existing land assets and the balance will be built by acquiring additional land.

Of the 30 million sq ft of inorganic growth, 10 million sq ft will be added across 15 locations that are in or near to Tier-1 and -2 cities.

The company is looking at roughly seven to 10 million sq ft of acquisition every year. Warehousing will complement the existing APSEZ transport utility chain.

Adani Logistics will create infrastructure for light manufacturing and other built-to-suit assets to get higher realisation. The plug-and-play infrastructure will allow investors to start their business straight away without much ado and as they deem fit in line with their operating standards.

The firm will lease out warehouses and built-to-suit infrastructure on long-term lease of five-nine years, which is expected to fetch a return on capital employed of over 18 percent and an EBITDA of over Rs 2,000 crore. Together with ports, airports and inland freight terminals, there will be further upside.