JSW Infra buys 70.4% stake in logistics company Navkar Corp for Rs 1,013 cr

JSW Infrastructure, India’s second-largest private commercial port operator, has acquired 70.37 per cent stake in BSE-listed Navkar Corporation, a logistics company, for Rs 1,012.7 crore.

According to the statements of both the companies, an open offer will be made to the remaining shareholders of Navkar Corporation in accordance with the Sebi Takeover Code. The open offer will cost an additional Rs 412.17 crore.

While Navkar shares closed at Rs 112 per share on Thursday with a rise of 1.48 per cent, shares of JSW Infrastructure closed 2 per cent lower at Rs 319 per share. Navkar operates a Container Freight Station (CFS) and Gati Shakti Cargo Terminal at Somathane, Pavnel and two CFS at Ajivali, Panvel. The company also owns an Inland Container Depot (ICD) in Morbi, Gujarat, which is part of the Multimodal Logistics Park (MMLP). Navkar is also licensed for Category 1 and Category 2 container trains and has established a foothold with facilities in the industrial belt of Western India, Maharashtra and Gujarat, and has leveraged its railway capacity to expand its service network in the rest of the country to expand.