JSW Infrastructure is set to acquire a controlling stake in PNP Maritime Services (PNP Port) from the Shapoorji Pallonji (SP) Group for a substantial sum of Rs 270 crore. The strategic move aims to enhance and modernize the existing PNP Port facilities, initiating a phased expansion that will catapult its capacity from the current 5 million ton per annum (MTPA) to an impressive 19 MTPA.
Under the umbrella of JSW Infrastructure, its wholly-owned subsidiary, JSW Dharamtar Port, has formally inked an agreement to purchase 50 per cent of PNP Maritime Services, a significant stake currently held by SP Port Maintenance—a company within the Shapoorji Pallonji group. Notably, PNP Port operates vital jetties at Shahbaj in the Raigad district of Maharashtra, strategically positioned approximately 20 nautical miles from Mumbai Anchorage.
This acquisition is projected to bolster PNP Port’s role as a pivotal player in the logistics landscape, offering a hub-and-spoke model that could result in substantial cost savings for its clientele. With an estimated enterprise value of around Rs 700 crore, the focus at PNP Port will pivot towards the development of port-based industries and multifaceted services catering to bulk, container, and various other cargoes.
JSW Infrastructure’s strategic maneuver not only positions it to cater to an expanding segment of third-party customers within India but also promises synergies with its existing portfolio of ports and terminals. PNP Port’s advantageous location provides direct access to key cargo hubs such as Mumbai, Pune, Palghar, Thane, Solapur, Bhiwandi, and Nasik. Further fortifying its connectivity, the port seamlessly integrates with the Central and Konkan Railway networks and enjoys road links with the Mumbai-Goa highway.
This acquisition underscores JSW Infrastructure’s commitment to expanding its footprint in the maritime domain, capitalizing on the potential for growth and efficiency in India’s logistics sector.