Friday, February 23rd, 2024

Preparing to compete with Adani Group? JSW Infra buys majority stake in PNP Port

Photo:FILE JSW Group has bought more than 50 percent stake in PNP Port.

JSW Infra, part of the JSW Group led by Sajjan Jindal, one of India’s biggest businessmen, has acquired majority stake in Shapoorji Pallonji Group’s (SP Group) PNP Port at an enterprise value of Rs 700 crore. Let us tell you, JSW Infra, like Adani Port, a company of Adani Group, works to operate ports in India and abroad.

In the information given by the company in the stock market, it has been said that the company will acquire 50% stake and additional one share from SP Group firm SP Port Maintenance. This deal will be done through JSW Dharamtar Port, a wholly owned subsidiary of JSW Infra. is being completed. At present, Nripal Patil family owns PNP Port and after this deal, the remaining share will remain with them.

5 million ton capacity

PNP Port, located at Shahbaz in Raigad district of Maharashtra, has a total capacity of 5 million tonnes per annum (MTPA). JSW Infra plans to expand the PNP port in a planned manner by upgrading it. PNP Port had recorded revenue of Rs 211.63 crore in FY 2022-23, Rs 195.19 crore in FY 2022-23 and Rs 164.09 crore in FY 2021-22.

Earlier in November, JSW Infra had acquired Kenny Port in Karnataka for Rs 4,119 crore. This greenfield port is one of the two new ports planned by the state government, whose capacity is to be increased to 30 MTPA.

In an interview, Arun Maheshwari, joint MD and CEO of JSW Infrastructure, had said that the company plans to increase the capacity utilization at all its ports to about 80-85% in the coming years.

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