JSW Infra completes acquisition of Chettinad Group’s port business

JSW Infrastructure, part of the $ 12 billion JSW Group, has completed the acquisition of Chettinad Group’s port business, including a deep draft international coal terminal and a bulk terminal at Kamarajar Port Ltd. (KPL) and coal and bulk commodity terminal at New Mangalore Port Trust (NMPT) for over ₹ 1,000 crore.

JSW Infrastructure is investing more than ₹ 1,000 crore to acquire as well as modernize these port assets, which have a combined cargo handling capacity of 17 million tonnes per annum. These assets also fit into JSW’s strategic direction to achieve 200 million tonnes per annum cargo handling capacity over next couple of years, it said in a statement.

“The successful acquisition of these port assets consolidates our strategic presence across south, east and west coast of India. It allows us greater access to the hinterland trading hubs with promising growth potential, ”said Arun Maheshwari, joint MD & CEO of JSW Infrastructure.

The newly-acquired terminals will have business synergies with JSW upcoming 30 MTPA coal export terminal at Paradip Port Trust, which is scheduled to commence operations during first half of calendar year 2021, he said.

“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 modernize these terminals to further enhance their operational efficiency, ”said Devki Nandan, senior vice president and head of M&A, JSW Infrastructure.

KPL is a landlord port. Under this model, the Port Authority acts as regulatory body and as landlord, while Port operations are carried out by private companies. In FY 19-20, all the terminals at KPL handled 31.75 MTPA cargo.

NMPT is an all-weather, lagoon type port located at Panambur, Mangaluru. In FY20, it handled over 39.1 million tonnes of cargo.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Beware of currency mark-ups in international fund transfers

In the past few months, banks have refined their online platforms to make outward remittances as simple...

Trump repeats election lie, declares himself future of the Republican Party

Mr. Trump declared the Republican Party is united and said he had no plans to try to launch a third party, an idea he...

For Sriperumbudur electors, traffic congestion is the biggest headache

The foremost demand of the residents has been the construction of a flyover at trijunction The Sriperumbudur constituency straddles 132 villages in Kancheepuram district....

Man arrested for killing occultist

The Murad Nagar police here arrested a man for allegedly killing an occultist, an official said on Sunday.According to the police, the incident had...

Mandatory COVID-19 test for tourists from Kerala drives down visitors to...

A steep reduction in footfall witnessed at key attractions like parks and gardens The number of tourists coming to the Nilgiris from Kerala has...

More Articles