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Private Sector | Maharashtra - India | PID: 203234
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Sajjan Jindal-led JSW Infrastructure Ltd is said to have finalised a deal to buy Navkar Corporation Ltd, the Mumbai-listed multi-modal logistics company, as India’s second biggest private port operator looks to strengthen its logistics business for expanding the third-party cargo base, multiple sources said.
ET Infra could not independently verify the contours of the transaction, including the deal size, which is expected to be announced shortly, said an industry source with knowledge of the matter. The board of JSW Infrastructure met on Thursday.
JSW Infrastructure did not respond to an email sent by ET Infra on Wednesday seeking comment. Navkar Corporation could not be reached immediately for comment. “The deal has been finalised, but an announcement is yet to come,” said a second industry source.
The deal, when announced would trigger an open offer in Navkar Corporation. Navkar Corporation run three Container Freight Stations (CFS) in Panvel, on the Mumbai-Pune highway, some 25 kms from Jawaharlal Nehru Port, India’s second busiest container gateway. Two of them in Ajivali village have capacity of 25,000 twenty-foot equivalent units (TEUs) and 65,000 TEUs, respectively. The third located in Somatane village has a capacity to accommodate 4,25,000 TEUs. The Somatane facility also consists of a Private Freight Terminal (PFT) having two railway sidings.
The company also holds a Category 1 Container Train Operator (CTO) permit from the Indian Railways to run services on a pan-India basis for domestic and export-import (EXIM) trade.
| Updated on: 06 - Aug - 2024
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