Navkar Corporation has received a Letter of Acceptance (LOA) from the Office of the Senior Divisional Commercial Manager (DCM), Commercial Department, Salem, of Southern Railway, Tamil Nadu, for construction and operation of a Gati Shakti Multi-Modal Cargo Terminal (GCT). The terminal will be developed entirely on railway land at Kulipalaiyam station in the Uttukuli-Tiruppur section. The company received the LOA at about 3:00 p.m. on October 13, 2026, it said.

The project involves construction and operation of the cargo terminal under an agreement to be entered into with Southern Railway’s Salem division. The terms and conditions of the contract will be governed by that agreement. The filing classified the order as a domestic contract awarded by a domestic entity.

Navkar Corporation is required to complete construction of the GCT within 18 months from the later of the date on which approval for construction is granted and the date on which the railway land is handed over. The railway land will be licensed to the company for a period of 35 years.

The approximate consideration for the contract is Rs. 480 mn, although the amount may vary according to the terms of the agreement. The company said that neither its promoter, promoter group nor group companies have any interest in the entity awarding the contract. It also stated that the contract does not fall within related-party transactions.

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India’s listing regulations. The filing included details of the awarding entity, the nature and duration of the contract, its domestic classification and the broad consideration. It did not provide further information on expected cargo volumes, operating revenue or project-level profitability. The contract represents Navkar Corporation’s planned participation in the development and operation of railway-linked cargo infrastructure in Tamil Nadu.