JSW Infra to acquire PNP Port from Shapoorji
NEW DELHI: Billionaire Sajjan Jindal-led JSW Infrastructure is acquiring a majority stake in PNP Maritime Services (PNP Port), located in Raigad district of Maharashtra, from the Mumbai-based Shapoorji Pallonji Group (SPG).
The acquisition values the PNP Port at an enterprise value of around Rs 700 crore. As per a regulatory filing, JSW Dharamtar Port , a wholly-owned subsidiary of JSW Infrastructure, has signed a share purchase agreement to buy 50% plus 1 shares of PNP Port held by SP Port Maintenance (an SPG company). JWS is paying Rs 270 crore towards this share purchase.
JSW Infrastructure said that it intends to upgrade the PNP Port facilities and expand its capacity from the current 5 million tonnes per annum (MTPA) to 19 MTPA in a phased manner. It added that this acquisition is a strategic asset as it would allow them to service a growing share of 3rd party customers in India and derive huge synergies with their company’s existing ports & terminals.
“At PNP Port, development of Port based industries will be a key focus area and service to multipurpose cargo of Bulk, Container, Liquid etc,” said the regulatory filing. The fresh acquisition by the country’s second-largest commercial port operator (the first being the Adani Group) comes a month after it emerged as the winning bidder for the development of all-weather, deep-water, greenfield port at Keni in Karnataka on a public private partnership basis.
JSW Infra has nine port facilities across East, West and Southern regions of the country. Its international presence includes a terminal it operates & maintains at Fujairah and Dibba Port, UAE. As part of its future growth strategy, the company plans to enhance its overall cargo-handling capacity to 300 MTPA within the next few years.
In the quarter ended September (Q2FY24), JSW Infra handled cargo volumes of 23.7 million tonnes, which was higher by 27% over the last year. Its revenue during the quarter surged by 29% to Rs 895 crore, grew by 29% while profit came at Rs 256 crore, up 85% year-on-year.