JSW Infrastructure Acquires PNP Port Majority Stake, Plans Expansions

JSW Infrastructure is set to acquire a majority stake in PNP Maritime Services (PNP Port) from Shapoorji Pallonji (SP) Group for Rs 270 crore. The objective is to enhance and modernize PNP Port's facilities, initiating a phased expansion plan to increase its current capacity from five million tonnes per annum (MTPA) to 19 MTPA.

JSW Dharamtar Port, a wholly-owned subsidiary of JSW Infrastructure, has formally entered into an agreement to purchase 50 percent of PNP Maritime Services, presently held by SP Port Maintenance, a Shapoorji Pallonji group company. Situated at Shahbaj in the Raigad district of Maharashtra, approximately 20 nautical miles from Mumbai Anchorage, PNP Port operates key jetties.

This strategic acquisition is anticipated to bolster PNP Port's capability to offer a hub-and-spoke model for logistics services, potentially resulting in cost savings for its clientele. With an estimated enterprise value of around Rs 700 crore, the primary focus at PNP Port will be on fostering port-based industries and providing services for diverse cargo types, including bulk and container shipments.

The move holds significance for JSW Infrastructure, positioning it to cater to a growing share of third-party customers in India while creating synergies with its existing ports and terminals. PNP Port's strategic location, with direct access to major cargo hubs such as Mumbai, Pune, Palghar, Thane, Solapur, Bhiwandi, and Nasik, coupled with connectivity to Central and Konkan Railway networks and the Mumbai-Goa Highway, enhances its appeal as a key logistics and transportation hub.

News by Rahul Yelligetti