PNP Maritime Services (PNP Port) is operating multi-purpose jetties at Shahabad in Raigad district of Maharashtra. As of 31 March 2023, revenue from operations was Rs 211.63 crore. The company said that the acquisition values PNP Port at an enterprise value of around Rs 700 crore with a current capacity of 5 million tonnes per annum (MTPA) and potential to expand to 19MTPA.

The Dharamtar Port will acquire 50% plus 1 share of the paid up capital of PNP Port from SP Port Maintenance for total consideration of Rs 270 crore. The said transaction will be completed in 15 days.

PNP port is expected to strengthen JSW Infrastructure’s position to provide Hub & Spoke model services to customers, thereby saving substantially in the logistics costs. The company intends to upgrade the PNP Port facilities and expand its capacity from current 5 MTPA to 19 MTPA in a phased manner. This acquisition furthers its vision to increase the use of waterways and existing railway facility at PNP adds synergies to the last mile connectivity.

The acquisition of PNP Port is a strategic asset for JSW infrastructure. It will be able to participate in the Government of India Maritime Vision to move cargo through Rail- Sea- Rail route and coastal cargo. At PNP Port, development of Port based industries will be a key focus area and service to multipurpose cargo of Bulk, Container, Liquid etc.

On completion of the transaction, PNP Maritime Services will become the step-down subsidiary of the company.

JSW Infrastructure’s shares entered into stock market on 3rd October 2023. The scrip was listed at Rs 143, exhibiting a premium of 20.17% to the issue price of Rs 119.

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.

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.