JSW Infrastructure, a prominent entity within the JSW Group, has announced the acquisition of a stake in PNP Maritime Services, strategically located in Maharashtra’s Raigad. The acquisition, facilitated through its subsidiary JSW Dharamtar Port, underscores JSW’s commitment to expanding its cargo handling capacity and volume.
The share-purchase agreement was entered into with SP Port Maintenance, a Shapoorji Pallonji Group Company, wherein JSW acquired 10,00,001 shares. The completion of the transaction is contingent upon meeting conditions specified in the agreement. The Nrupal Patil family is expected to hold the remaining equity in PNP Port.
PNP Port, an operational port, is situated approximately 20 nautical miles from Mumbai Anchorage. It plays a vital role with multi-purpose jetties and robust road and rail connections to industries in Maharashtra, Madhya Pradesh, Karnataka, and other states. The port currently operates at a capacity of 5 million tonnes per annum (MTPA) with the potential for expansion to 19 MTPA.
In a statement, JSW Infrastructure highlighted its intention to enhance and upgrade the facilities and capacity of PNP Port in a phased manner. The estimated enterprise value of PNP Port is around ₹700 crore, and the acquisition aligns with JSW’s strategic vision to strengthen its presence in key industrial areas.
JSW’s move to acquire PNP Port is considered strategic due to its advantageous location on the west coast. This acquisition provides JSW with direct access to major cargo centers such as Mumbai, Pune, Palghar, Thane, Solapur, Bhiwandi, and Nasik. The port’s connectivity to the Central & Konkan Railway network further enhances efficient cargo evacuation for the company.
JSW Infrastructure has been actively pursuing strategic port acquisitions through its subsidiaries. Recently, its subsidiary Masad Infra Services Private Limited entered a concession agreement with the Karnataka Maritime Board for the development of an all-weather, deep-water, greenfield port at Keni through a public-private partnership.
Furthermore, JSW Infrastructure issued a corporate guarantee of $126 million for term facilities availed by its wholly-owned subsidiary, JSW Terminal (Middle East) FZE, supporting the subsidiary’s acquisition of shares in Marine Oil Terminal Corp.
In November, JSW Infrastructure received a letter of award for the development of the Keni greenfield port in Karnataka. The project, with a total cost of ₹4,119 crore and an initial capacity of 30 million tonnes per year, reflects JSW’s commitment to advancing its port infrastructure capabilities.
