JSW Infra to acquire majority stake in Navkar Corp, shares hit 52-week high
JSW Infra to acquire majority stake in Navkar Corp, shares hit 52-week high
Shares of JSW Infrastructure rose over 5 percent and hit a 52-week high of Rs 336 after announcing that it would acquire a majority stake in Navkar Corporation. The acquisition, facilitated through its subsidiary JSW Port Logistics, involves purchasing 70.37 percent of Navkar Corporation's shares from the Promoters and Promoter Group.
At 12.05 PM, shares of JSW Infrastructure traded nearly 2 percent higher at Rs 324. The stock has gained over 55 percent in the past six months, outperforming Nifty 50 which gained 10 percent during the same period.
Meanwhile, shares of Navkar Corp were down 1.5 percent at Rs 111.
JSW Infrastructure is a prominent player in India's port operations and part of the JSW Group.
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Navkar Corporation operates key facilities including Container Freight Stations (CFS) and an Inland Container Depot (ICD) in Maharashtra and Gujarat.
The acquisition aligns with JSW Infrastructure's objectives to expand its footprint in the logistics sector and enhance port connectivity services. By integrating Navkar's established network with its existing infrastructure, JSW aims to offer streamlined supply chain solutions and improve port connectivity across India.
Moreover, this acquisition marks JSW Infrastructure's first step towards establishing a comprehensive pan-India logistics network to bolster last-mile connectivity and meet the growing demand for efficient cargo handling solutions.
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As part of the transaction, JSW Infrastructure will also undertake an open offer as per SEBI regulations. JM Financial has served as the exclusive financial advisor to JSW Infrastructure for this acquisition.
JSW Infrastructure currently operates ten port concessions across India's west and east coasts. The company plans to increase its cargo-handling capacity to 400 MTPA by 2030.
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