JSW Infrastructure announced that the company through its wholly owned subsidiary, JSW Port Logistics has agreed to acquire 70.37% shareholding held by Promoters and Promoter Group in Navkar Corporation (Navkar). Necessary definitive agreements have been signed between the parties.
Navkar is listed on BSE and NSE. It’s key operating facilities are:
One Container Freight Station (CFS) and Gati Shakti Cargo Terminal at Somathane, Pavnel and Two CFS at Ajivali, Panvel.
An Inland Container Depot (ICD) at Morbi, Gujarat. The ICD is part of the Multimodal Logistics Park (MMLP).
Navkar also has a Container Train Operator License of Category 1 and Category 2. Navkar has established a foothold with facilities in the Western India industrial belt across the states of Maharashtra and Gujarat and leveraged its railway capability to extend its service network to Pan India.
The acquisition aligns with the Company’s strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector. 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.
Source: Business-Standard