JSW Infrastructure to acquire majority stake in PNP Maritime Services

JSW Infrastructure on Monday said it has signed an agreement with SP Port Maintenance, a Shapoorji Pallonji Group company, to acquire majority stake in PNP Maritime Services (PNP Port).

The agreement is to acquire over 50 per cent shares in PNP Port through its subsidiary JSW Dharamtar Port, JSW Infrastructure said in an exchange filing.

“JSW Dharamtar Port has entered into share purchase and other relevant transaction documents for acquisition of 50 per cent plus 1 shares (10,00,001 equity shares) of PNP Maritime Services Private Limited from SP Port Maintenance Private Ltd,” it said.

PNP Maritime Services will become a step-down subsidiary of the company, it said.

The transaction is for maximum equity purchase consideration of Rs 270 crore. It is expected to be completed in 15 days, the filing said.

In a separate statement, JSW Infrastructure said the acquisition is expected to strengthen its position to provide hub-and-spoke model services to customers, thereby saving substantially in the logistics costs.

JSW Infrastructure intends to upgrade PNP Port facilities and expand its capacity from current 5 MTPA to 19 MTPA (million tonne per annum) in a phased manner.

PNP Port is located at Shahbaj, Raigad district, Maharashtra.

The acquisition values PNP Port at an enterprise value of around Rs 700 crore with the current capacity of 5 MTPA.

Part of Sajjan Jindal-owned JSW Group, JSW Infrastructure is a port-related infrastructure company. Its ports and terminals have an installed cargo handling capacity of 153.43 MTPA.