Cargo Breaking News
JSW Infrastructure has completed the acquisition of Chettinad Group’s Port Business which allows JSW Infrastructure ownership and operational control of a deep draft international coal terminal and a Bulk Terminal at Kamarajar Port Limited (KPL) as well as coal and bulk commodity terminal at New Mangalore Port Trust (NMPT). The company is investing more than Rs 1,000 crore to acquire as well as modernise these Port assets which has a combined cargo handling capacity of 17 million tonnes per annum.
Commenting on the development Arun Maheshwari, Joint MD & CEO, JSW Infrastructure said, “The successful acquisition of these Port assets consolidates our strategic presence across South East & West coast of India. It allows us greater access to the hinterland trading hubs with promising growth potential. These assets also fit our strategic direction to achieve 200 million tonnes per annum cargo handling capacity over next couple of years offering us an opportunity to service varied requirements of a wide customer base. The newly acquired Terminals will have business synergies with our upcoming 30 MTPA coal export terminal at Paradip Port Trust which is scheduled to commence operations during first half of calendar year 2021.”
According to Devki Nandan, Senior Vice President & Head of M&A of JSW Infrastructure, “The newly acquired terminals are strategic assets for JSW Infrastructure. Their addition enables us to service higher volume of third-party customer cargo. We intend to modernise these terminals to further enhance their operational efficiency. This acquisition will immensely benefit all our stakeholders through better efficiency, reduced cost and a world-class customer service experience”.
