JSW Port Logistics Private Limited entered into definitive agreement to acquire 70.37% stake in Navkar Corporation Limited from Sidhhartha Corporation Pvt. Ltd. and others for INR 10.1 billion.

JSW Port Logistics Private Limited entered into definitive agreement to acquire 70.37% stake in Navkar Corporation Limited (NSEI:NAVKARCORP) from Sidhhartha Corporation Pvt. Ltd. and others for INR 10.1 billion on June 27, 2024. The enterprise value of the transaction is INR 16.4 billion.

Navkar will acquire 105.9 million shares for INR 95.61. The transaction will trigger a mandatory open offer by JSW Port under the provisions of the Takeover Regulations for up to 39.1 million fully paid-up equity shares, constituting 26% of Navkar. The transaction is approved by the boards of JSW and Navkar and is still subject to receipt of customary approvals required from certain regulatory bodies including railway administration of the Ministry of Railways, Government of India, for change in control on account of the Proposed Transaction, in accordance with certain concessions granted by Ministry of Railways to Navkar and the completion of identified conditions precedent.

The transaction is expected to complete by Q3FY25. JM Financial Limited (BSE:523405) acted as the exclusive financial advisor to JSW Port Logistics Private Limited.