JSW Infrastructure's wholly owned subsidiary, JSW Dharmatar Port Pvt., has entered into a share purchase agreement to acquire over 50% of PNP Maritime Services Pvt. for Rs 270 crore.
PNP Port is well-connected with road and railway facilities and this acquisition will help JSW Infrastructure expand its footprint, it said in an exchange filing on Monday.
The company acquired 10,00,001 shares from SP Port Maintenance Pvt. in order to expand its cargo handling capacity and cargo volume. The transaction is subject to the completion of conditions as defined in the share purchase agreement, it said.
JSW Dharmatar has set a time period of 15 days for the completion of the acquisition.
Shares of JSW Infrastructure closed 2.25% lower at Rs 219.85 apiece as compared with a 2.07% advance in the NSE Nifty 50.
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