JSW Infra acquires 70.4% stake in Navkar Corp for Rs 10.13 billion

28 Jun 2024 CW Team

JSW Infrastructure, led by Sajjan Jindal and the second-largest private commercial port operator in India, has acquired a 70.37% stake in BSE-listed logistics firm Navkar Corporation for Rs 10.12 billion. An open offer will be made to the remaining shareholders of Navkar Corporation, in accordance with SEBI takeover code. This open offer is estimated to cost an additional Rs 4.12 billion. Navkar operates a container freight station (CFS) and Gati Shakti Cargo Terminal at Somathane, Pavnel, and two CFS facilities at Ajivali, Panvel. Additionally, the company owns an Inland Container Depot (ICD) at Morbi, Gujarat, which is part of the multimodal logistics park (MMLP). Navkar also holds a Container Train Operator License of Category 1 and Category 2, with facilities in the Western India industrial belt of Maharashtra and Gujarat, leveraging its railway capability to expand its service network across the country.

"The acquisition aligns with our strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector. This move marks our entry into logistics and other value-added services, enabling us to offer improved port connectivity and streamlined supply chain solutions to our customers,"stated JSW Infrastructure.

This acquisition represents a significant step towards JSW Infrastructure's long-term vision of building a robust pan-India logistics network for last-mile connectivity. It also complements the company's growth strategy of increasing its share of port-related container cargo, driven by India's strong economic fundamentals.

(Source: BS)

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