JSW Infrastructure Keeps Corporate Plan for Navkar Corporation Under Wraps

JSW Infrastructure is keeping its corporate structure plan for Navkar Corporation under wraps now. Navkar Corp is engaged in the logistics and cargo transit service industry.

The company had on Thursday said it will acquire 70.37 per cent shareholding in Navkar Corporation for around Rs 1,012 crore, paving the way for its foray into the logistics industry.

"We don't want to speak about the structure plans now. We just closed the deal," JSW Infrastructure Jt Managing Director & CEO Arun Maheshwari told PTI on the sidelines of YiFi 2024 organised by Young Indians Kolkata chapter.

JSW Infra has entered into a share purchase agreement with certain promoters and members of the promoter group (sellers) of Navkar Corporation (Navkar) to acquire 10,59,19,675 equity shares, constituting 70.37 per cent of Target's total equity share capital, at a price of Rs 95.61 per share.

"JSW Infrastructure through its wholly owned subsidiary JSW Port Logistics has agreed to acquire 70.37 per cent shareholding held by promoters and promoter group in Navkar," the company said.

Following this, the company will launch an open offer at a price of Rs 105.32 per share to buy an additional 26 per cent stake from public shareholders at a total cost of around 413 crore, a company filing stated.

The acquisition will result in its foray into logistics and other value-added services, the company added. JSW Infrastructure, a part of JSW Group, is India's second-largest private commercial port operator.

It reported a turnover of Rs 434.87 crore for FY 2023-24.

Meanwhile, Baibhav Agarwal, chairperson Young Indians Kolkata chapter stated that in the two-day national event on entrepreneurship and financial renaissance, over 40 leading speakers and 1000 delegates are participating.