JSWInfrastructure completes acquisition of ChettinadGroup’s Port business for over `1,000-crore.
This acquisition allows JSW Infrastructureoperational control of:
- Coal and BulkCommodity terminal at NMPT.
- Combined capacity of these terminals is 17 MTPA.
JSW Infrastructure has completed theacquisition of Chettinad Group’s Port Business. This acquisition allows JSWInfrastructure ownership and operational control of a deep draft internationalcoal terminal and a Bulk Terminal at Kamarajar Port Limited (KPL) as well as Coaland Bulk Commodity terminal at New Mangalore Port Trust (NMPT).
JSW Infrastructure is investing morethan `1,000-crore to acquire as well asmodernize these Port assets, which has a combined cargo handling capacity of 17million tonnes per annum.
Commenting on the development, ArunMaheshwari, Joint MD and CEO of JSW Infrastructure said, “The successful acquisition of these Portassets consolidates our strategic presence across South East and West coast ofIndia. It allows us greater access to the hinterland trading hubs with promisinggrowth potential. These assets also fit our strategic direction to achieve 200 milliontonnes per annum cargo handling capacity over next couple of years offering usan opportunity to service varied requirements of a wide customer base. Thenewly acquired Terminals will have business synergies with our upcoming 30 MTPAcoal export terminal at Paradip Port Trust, which is scheduled to commenceoperations during first half of calendar year 2021.”
Adds Devki Nandan, Senior VicePresident and Head of M&A of JSW Infrastructure, “The newly acquired terminals are strategic assets for JSWInfrastructure. Their addition enables us to service higher volume ofthird-party customer cargo. We intend to modernize these terminals to further enhancetheir operational efficiency. This acquisition will immensely benefit all ourstakeholders through better efficiency, reduced cost and a world-class customerservice experience.”
NMPT is an all-weather, lagoon typeport situated at Panambur, Mangalore in Karnataka. In FY20, it handled over 39.1million tonnes of cargo. Moreover, Container traffic at NMPT has been growingat a CAGR of 15 per cent since 2013 as compared to overall Indian containertraffic growth of 7.52 per cent.
“Thenewly acquired Terminals will have business synergies with our upcoming 30 MTPAcoal export terminal at Paradip Port Trust, which is scheduled to commenceoperations during first half of calendar year 2021.”
