JSW seeks ₹1,000 cr loan for Navkar buy

JSW Infrastructure is looking to borrow ₹1,000 crore to fund its acquisition of a 70.37% stake in Navkar Corporation, a logistics solution provider, and is in talks with multiple lenders, including Axis Bank, to get the funding.

Separately, the company approved a capex of ₹2,359 crore for expanding capacity at its Jaigarh and Dharamtar Ports.

In June this year, JSW Infrastructure through its wholly owned subsidiary JSW Port Logistics, agreed to acquire 70.37% shareholding held by promoters and promoter group in Navkar. This involves the purchase of 105.9 million equity shares under a share purchase agreement, triggering a mandatory open offer under SEBI's takeover regulations.


The enterprise value of Navkar is ₹1,644 crore and the transaction is expected to close by third quarter of FY25.

Spokespersons of both JSW and Axis Bank did not immediately respond to requests for comment.

JSW Port will finance the acquisition through cash consideration, paying ₹95.61 per share for the stake in the initial transaction and ₹105.32 per share for shares tendered in the open offer, JSW had said in its filing while announcing the deal in June. Navkar operates logistics facilities, including container freight stations in Somatane and Ajivali, and an inland container depot in Gujarat.