JSW Infrastructure Ltd., through its wholly owned subsidiary JSW Port Logistics Pvt., will acquire a 70.37% stake in Navkar Corp., which is currently held by the promoter and promoter group.
JSW Port will obtain 10,59,19,675 fully paid-up equity shares of Navkar. The acquisition is subject to approval from certain regulatory bodies, according to the exchange filing on Thursday.
The key operating facilities of Navkar Corp. include one container freight station and Gati Shakti cargo terminal at Somathane, along with two container freight stations at Ajivali, both of which are located in Panvel. It also comprises an inland container depot at Morbi in Gujarat, it said.
With the acquisition, the company will foray into the logistics sector and be able to provide other value-added services. It will also enable the company to provide improved port connectivity and streamlined supply chain solutions.
JSW Port is now mandated to make an open offer for up to 3,91,34,988 equity shares, in accordance with the SEBI regulations of 2011.
Shares of JSW Infrastructure closed 2.04% lower at Rs 319.05 apiece, as compared to a 0.72% rise in the benchmark BSE Sensex.
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