JSW Infrastructure Limited, a part of the JSW Group and India's second-largest private commercial port operator, announced on June 27 that its wholly-owned subsidiary, JSW Port Logistics Private Limited, has agreed to acquire a 70.37 percent shareholding in Navkar Corporation Limited. This stake is currently held by the Promoters and Promoter Group of Navkar.
According to the necessary definitive agreements signed between the parties, JSW Port will acquire 10,59,19,675 fully paid-up equity shares of Navkar Corporation Limited.
The completion of the acquisition is contingent upon obtaining customary approvals from certain regulatory bodies and fulfilling specified conditions precedent.
Expansion into Logistics Sector
The acquisition marks JSW Infrastructure’s strategic entry into the logistics and cargo transit service industry. JSW Infra said the acquisition aligns with the company's strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector. This move marks the company’s entry into logistics and other value-added services, enhancing its ability to offer improved port connectivity and streamlined supply chain solutions to customers.
Additionally, this acquisition represents the first step towards the company’s long-term vision of developing and expanding a pan-India logistics network for last-mile connectivity.
Navkar Corporation’s facilities
Navkar Corporation Limited, listed on both the BSE and NSE, boasts key operating facilities including:
- A Container Freight Station (CFS) and Gati Shakti Cargo Terminal at Somathane, Panvel.
- Two CFS at Ajivali, Panvel.
- An Inland Container Depot (ICD) at Morbi, Gujarat, which is part of the Multimodal Logistics Park (MMLP).
The indicative period for completing the acquisition is within 45 days of fulfilling the conditions precedent, receiving regulatory approvals, and completing the closing action items under the Share Purchase Agreement. The acquisition of shares under the Open Offer will be conducted per the provisions of the Takeover Regulations.
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