JSW Infrastructure to Acquire Majority Stake in Navkar Corporation, Expands into Logistics

JSW Infrastructure announced it will acquire a 70.37% stake in Navkar Corporation for approximately Rs 1,012 crore. This move marks JSW's entry into the logistics industry. Additionally, JSW Port plans an open offer to acquire another 26% from public shareholders. Navkar reported a turnover of Rs 434.87 crore for FY 2023-24.

In a strategic expansion move, JSW Infrastructure revealed on Thursday its plans to acquire a 70.37% shareholding in Navkar Corporation for an estimated Rs 1,012 crore. This acquisition marks JSW Infrastructure's significant foray into the logistics industry.

According to the official filing by JSW Infrastructure, the agreement has been made with key promoters and the promoter group of Navkar Corporation to purchase 10,59,19,675 equity shares, making up 70.37% of Navkar's total equity share capital, at Rs 95.61 per share. "JSW Infrastructure through its wholly owned subsidiary JSW Port Logistics has agreed to acquire 70.37% shareholding held by promoters and promoter group in Navkar," the filing stated. Payment for the acquisition will be made in cash.

Following this, JSW Port will initiate an open offer at Rs 105.32 per share to acquire an additional 26% stake from public shareholders, costing around Rs 413 crore. If fully accepted, this would enable JSW to acquire 3,91,34,988 equity shares, making up 26% more of Navkar's equity. This strategic acquisition paves the way for JSW Infrastructure to step into logistics and other value-added services.

JSW Infrastructure, a key player within the JSW Group, stands as India's second-largest private commercial port operator. Navkar Corporation, primarily engaged in the logistics and cargo transit service sector, posted a turnover of Rs 434.87 crore for FY 2023-24.

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