JSW Port Logistics Pvt Ltd to acquire majority stake in Navkar Corporation Limited
JSWInfrastructure Limited (the Company), a part of the JSW Group and India’ssecond-largest private commercial port operator, through its wholly-ownedsubsidiary JSW Port Logistics Private Limited (the Acquirer), has agreed to acquire70.37 per cent shareholding held by Promoters and Promoter Group in Navkar CorporationLimited (Navkar). Necessary definitive agreements have been signed between theparties.
Navkar is listedon BSE and NSE. Its key operating facilities are:
One ContainerFreight Station (CFS) and Gati Shakti Cargo Terminal at Somathane, Pavnel, andTwo CFS at Ajivali, Panvel.
An InlandContainer Depot (ICD) at Morbi, Gujarat. The ICD is part of the MultimodalLogistics Park (MMLP).
Navkar also hasa Container Train Operator License of Category 1 and Category 2.
The acquisitionwill result in the Company’s foray into logistics and other value-added services.It will facilitate the business to offer improved port connectivity and streamlinedsupply chain solutions to its customers.
The completionof the acquisition is subject to the receipt of customary approvals requiredfrom certain regulatory bodies and the completion of identified conditionsprecedent. As a result of the Proposed Transaction, the Acquirer will berequired to make an open offer in accordance with SEBI (Substantial Acquisitionof Shares and Takeovers) Regulations, 2011.
JM FinancialLimited acted as the exclusive financial advisor to the Company for this transaction.