JSW Infrastructure on Wednesday said it has incorporated a wholly-owned subsidiary for the execution of a port project at JNPT in Maharashtra. JSW JNPT Liquid Terminal Pvt Ltd has been incorporated on March 13, in Mumbai, according to a regulatory filing.
The company said it has received a Letter of Intent (LoI) from Jawaharlal Nehru Port Authority for equipping, operation, maintenance and transfer of additional liquid cargo berths LB3 and LB4 at the port.
The terms of LoI require the incorporation of a special purpose vehicle to enter into a concession agreement within 30 days of the issue of LoI.
“Accordingly, the company has incorporated a new entity for the purpose of entering into the said concession agreement and to fulfil the obligations as stated in the said agreement,” JSW Infrastructure said.