JSW Infrastructure through its wholly owned subsidiary -- JSW Port Logistics is planning to acquire a 70.37% shareholding in Navkar Corporation for an estimated Rs 1,012 crore. This acquisition marks JSW Infrastructure's significant foray into the logistics industry.
The agreement has been made with key promoters and the promoter group of Navkar Corporation to purchase 10,59,19,675 equity shares, making up 70.37% of Navkar's total equity share capital, at Rs 95.61 per share.
Following this, JSW Port will initiate an open offer at Rs 105.32 per share to acquire an additional 26% stake from public shareholders, costing around Rs 413 crore. If fully accepted, this would enable JSW to acquire 3,91,34,988 equity shares, making up 26% more of Navkar's equity. This strategic acquisition paves the way for JSW Infrastructure to step into logistics and other value-added services.
JSW Infrastructure is part of the JSW Group, a multinational conglomerate with an international portfolio of diversified assets across various sectors, including steel, energy, infrastructure, cement, paints, venture capital, and sports.
