JSW Infrastructure, the listed ports unit of Indian steel tycoon Sajjan Jindal-led conglomerate JSW Group has acquired a majority stake in PNP Maritime Services (PNP Port) in Maharashtra’s Raigad through its subsidiary, JSW Dharamtar Port.
India’s second-largest port operator in terms of cargo handling capacity acquired a 50% stake plus one share from SP Port Maintenance, a Shapoorji Pallonji Group company, in a deal that gives the PNP Port an enterprise value of around $84m.
The port currently has a capacity of 5 mtpa, with potential expansion to 19 mtpa. JSW Infrastructure said it plans to enhance and upgrade the facilities and capacity in a phased manner.
PNP Port is situated about 20 nautical miles from Mumbai anchorage and operates multipurpose jetties with road and rail connections to industries in Maharashtra, Madhya Pradesh, Karnataka, and other states.
“At PNP Port, development of port-based industries will be a key focus area and service to multipurpose cargo of bulk, container, liquid etc,” the company said in a regulatory filing.
The latest development follows JSW Infra’s winning bid for the development of an all-weather, deep-water, greenfield port at Keni in Karnataka.