Project News Detail
| Project No : | 203222 |
|---|---|
| Project Title : | JSW Infra buys 70.37% stake in Navkar Corporation for Rs 1,012.70 crore |
| Company Name : | Jsw Infrastructure |
| Project Detail : | JSW Infrastructure Ltd has agreed to buy a 70.37 percent stake at Rs 95.61 a share in Mumbai-listed multimodal logistics company Navkar Corporation Ltd in an all-cash deal for Rs 1,012.70 crores, helping India’s second biggest private port operator venture into the logistics and other valued added services for last mile connectivity to back its port business. The acquisition price has been finalised at a discount to Navkar Corporation’s closing share price of Rs 113.55 a share on the National Stock Exchange and Rs 113.50 a share on the Bombay Stock Exchange on Thursday. JSW Infrastructure said in a regulatory filing that the mandatory open offer in Navkar Corporation per the SEBI take-over code will be made at Rs 105.32 a share for the balance 26 percent stake from public shareholders, translating into Rs 412.16 crores. Navkar Corporation reported revenue of Rs 453.14 crores in FY24. The acquisition, done through JSW Port Logistics Pvt Ltd, a wholly owned subsidiary of JSW Infrastructure, is subject to regulatory approvals from the Ministry of Railways and completion of conditions precedent. The acquisition aligns with the Company’s strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector, JSW Infrastructure said in a statement. “The acquisition will result in the Company's foray into logistics and other value-added services. It will facilitate the business to offer improved port connectivity and streamlined supply chain solutions to its customers,” JSW Infrastructure said. |
| Project Location : | Mumbai - Maharashtra - India |
| Project Estimation : | Refer Document |
| Status : | Announced |