JSW Infra closes in on Navkar Corporation

JSW Infra closes in on Navkar Corporation

JSW Infra is close to sealing a deal either to acquire assets or the founders shareholding in Navkar Corporation that is in the container handling business, according to sources.

The deal could provide a complementary portfolio of business to the Sajjan Jindal-group company that owns and operates ports.

The deal is in final stages and negotiations could close soon, the people cited earlier said.

Navkar Corporation is run by the Mehta family that is based in Mumbai. The company is listed and has a market capitalization of nearly Rs. 1700 crore.

Navkar corporation owns container freight stations and also operates inland container depots.

CNBC had first reported on 18 January about talks between JSW Infra and Navkar Corporation.

ET could not independently ascertain the value at which JSW Infra is looking to conclude the deal.

JSW Infrastructure, which ranks second to Adani Ports and Special Economic Zone amongst private port operators in India, raised 2,800 crore through an initial public offering of shares in September. Its share offering was subscribed 37 times, drawing interest from institutional and retail investors.

JSW Infrastructure won its first port concession at Mormugao in Goa in 2002. It had nine port concessions as of 31 December 2022. The company's cargo handling capacity has increased to 153 million tonne per annum.

Emailed queries to JSW Infra had not been answered until press time. Navkar Corporation’s Jayesh Mehta did not respond to ET’s requests for comment.

For more news like this visit The Economic Times.