Navkar Corporation has received a Letter of Acceptance from the Office of the Senior Divisional Commercial Manager, Commercial Department, Salem, Southern Railway, Tamil Nadu, for constructing and operating a Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam station in the Uttukuli-Tiruppur section. The terminal will be developed entirely on railway land.

The company received the Letter of Acceptance at about 3 p.m. on October 13, 2026, according to its regulatory filing. The contract is domestic and will be governed by the agreement for the Gati Shakti Multi-Modal Cargo Terminal to be entered into with Southern Railway’s Salem Division.

Navkar Corporation is required to complete construction within 18 months from the later of the date on which construction approval is granted or the railway land is handed over. The railway land will be licensed to the company for 35 years, covering the period specified for the project’s use and operation.

The broad consideration or size of the contract is approximately Rs. 480 mn, although the amount may vary according to the terms of the final agreement. The filing did not provide further details on the project’s capacity, expected traffic or operating revenue.

Navkar Corporation stated that its promoters, promoter group and group companies have no interest in the entity awarding the contract. It also said the contract would not constitute a related-party transaction. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements regulations.