JSW Infrastructure will acquire controlling stake in PNP Port, a unit of Shapoorji Pallonji Group, for Rs 270 crore. The deal values PNP Port at an enterprise value of around Rs 700 crore with a current capacity of 5 million tonnes per annum (MTPA) and potential to expand to 19 MTPA.
A JSW statement said that PNP Port is operating multi-purpose jetties at Shahabad in Raigad district of Maharashtra, which is about 20 nautical miles from Mumbai Anchorage. The company said acquisition of PNP Port will allow the company to service growing share of third party customers in India and derive synergies with their existing ports and terminals.
“It will be able to participate in India’s Maritime Vision to move cargo through Rail- Sea- Rail route and coastal cargo. At PNP Port, development of Port based industries will be a key focus area and service to multipurpose cargo,” JSW Infrastructure said.
PNP earned Rs 211.63 crore revenue in financial year 2022-23. The indicative time period for completion of the acquisition is 15 days.
PNP has direct access to large cargo centres such as Mumbai, Pune, Mumbai, Palghar, Pune, Thane, Solapur, Bhiwandi, and Nasik. The port is connected with the Central and Konkan Railway network which is a key cargo evacuation mode.
“With the well-connected railway system, it will be able to service customers for container, Liquid and bulk cargo in future. The Port also has very good road connectivity with Mumbai- Goa Highway,” JSW said.
