Mumbai: JSW Infrastructure Limited, a part of the JSW Group through its wholly owned subsidiary JSW Port Logistics Private Limited has agreed to acquire 70.37% shareholding held by Promoters and Promoter Group in Navkar Corporation Limited. With this, an Inland Container Depot (ICD) at Morbi in Gujarat  which is part of the Multimodel Logistics Park (MMLP) will become a part of JSW Group.

Necessary definitive agreements have been signed between the parties, the company announced on Thursday.The completion of the acquisition is subject to the receipt of customary approvals required from certain regulatory bodies and the completion of identified conditions precedent.

Navkar is listed on BSE and NSE. Its key operating facilities are:

• One Container Freight Station (CFS) and Gati Shakti Cargo Terminal at Somathane, Panvel and Two CFS at Ajivali, Panvel.
• An Inland Container Depot (ICD) at Morbi, Gujarat. The ICD is part of the Multimodal Logistics Park (MMLP).

“Navkar also has a Container Train Operator License of Category 1 and Category 2. Navkar has established a foothold with facilities in the Western India industrial belt across the states of Maharashtra and Gujarat and leveraged its railway capability to extend its service network to Pan India,” said the official statement.

The official press note also stated, “The acquisition aligns with the Company’s strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector. The acquisition will result in the Company’s foray into logistics and other value-added services. It will facilitate the business to offer improved port connectivity and streamlined supply chain solutions to its customers.”

“The acquisition also marks a first step towards the Company’s long-term vision of building and scaling an efficient pan-India logistics network for last-mile connectivity. Further, it complements the growth strategy of increasing the Company’s share of port-related container cargo driven by India’s strong economic fundamentals,” the company further stated. DeshGujarat