The Karnataka Maritime Board, Government of Karnataka has issued the letter of award (LOA) to the company. The estimated cost of the project is Rs 4,119 crore with initial capacity of 30 MTPA.

The company stated that the concessionarie has to make payment towards royalty per MT on cargo handling to the Karnataka Maritime Board.

The said project would be for a period of 30 years from appointed date on design build finance operate transfer (DBFOT) basis with further extension clause subject to fulfillment of the terms and conditions.

Arun Maheshwari, joint MD and CEO of JSW Infrastructure, said, “Karnataka is targeting an impressive industrial growth and there has been an increased emphasis on the expansion and growth in maritime infrastructure in the region. Once concession agreement is signed we will start working to develop the Keni Port as an integral part of the state’s maritime infrastructure & trade gateway. Through the development of this greenfield port, we are partnering Karnataka government’s mission to meet the logistics demand of a rapidly growing state and the region’s economy. Once developed, the Keni port is expected to crucially address the rising import and export trade momentum of the region.”

The capacity of the proposed port shall be 30 MTPA in initial phase with further potential to increase substantially in the long run.

The company’s consolidated net profit surged 88.95% to Rs 254.40 crore on 28.14% increase in net sales to Rs 848.31 crore in Q2 FY24 over Q2 FY23.

JSW Infrastructure is part of the JSW Group. JSW Infrastructure is the second largest commercial port operator in India in terms of cargo handling capacity in Fiscal 2023 operating environment-friendly seaports & terminals. It operates nine state port concessions strategically located on the west and east coasts of India. Its largely mechanized cargo handling system enable quick turnaround times while ensuring efficient use of existing resources.