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JSW Infrastructure to buy majority stake in PNP Port, fuel expansion

Tuesday, 05 Dec 2023
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JSW Infrastructure will acquire a majority stake in PNP Maritime Services (PNP Port) from Shapoorji Pallonji (SP) Group for Rs 270 crore. The firm intends to upgrade the PNP Port facilities and undertake phase-wise expansion of its capacity from current five million tpa (MTPA) to 19 MTPA.

The wholly-owned subsidiary of JSW Infrastructure, JSW Dharamtar Port has signed an agreement to purchase 50 percent of PNP Maritime Services, held by SP Port Maintenance, a Shapoorji Pallonji group company. PNP Port operates jetties at Shahbaj in Raigad district of Maharashtra, about 20 nautical miles from Mumbai Anchorage.

The PNP Port is expected to strengthen its position to provide hub-and-spoke model logistics services to its customers, which can potentially save costs. The acquisition is estimated to have an enterprise value of around Rs 700 crore. The priority area at the PNP Port is the development of port-based industries and service to multipurpose cargo of bulk, container and others.

 The strategic move will enable JSW Infrastructure to service increasing share of third party customers in India and create synergies with its existing ports and terminals. 

The port has direct access to large cargo centres such as Mumbai, Pune, Palghar, Thane, Pune, Solapur, Bhiwandi and Nasik. It is connected to the Central and Konkan Railway networks and has road connectivity with the Mumbai-Goa Highway.

 

 
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