Shares of JSW Infrastructure hit a 52-week high of Rs 234.80 on 5 December after the company announced that it has entered into a SPA (share purchase agreement) with SP Port Maintenance to acquire 50% plus one extra share of PNP Maritime for a total consideration of Rs 270 crore.

As a part of the agreement, the company will acquire a majority stake in PNP Maritime, which is an operational port company in Shahbaj, Raigad district of Maharashtra.

In its exchange filing, the company said, “The company aims to expand its cargo handling capacity and volume in all types of cargoes. Considering the same, this acquisition would help the JSW Infra to achieve its growth and expand its footprint.”

The company has plans to increase and upgrade the existing facilities at the PNP Port by gradually increasing its capacity from 5 million tonnes per annum to 19 million tonnes per annum.

Through this acquisition, the company will be well-placed to engage in the government’s Maritime Vision and aid the movement of cargo through the rail-sea-rail route and coastal cargo.

On successful completion of the transaction, PNP Maritime Services will become a step-down subsidiary of the company.

At 3:30 pm, the shears of JSW infrastructure closed 4.32% higher at Rs 227 on NSE.