Shares of JSW Infrastructure Ltd surged 3% on 15 October after the company announced that they have secured a Letter of Intent (LoI) for developing an all weather and multipurpose port in Palghar, Maharashtra from the Maharashtra Maritime Board. 

In its regulatory filing, the company said that they have secured an LoI from Maharashtra Maritime Board for developing, operating, managing, and maintaining of an all-weather and multipurpose port at village Murbe in Palghar district of Maharashtra on public private partnership (PPP) basis, and design, built, own, operate and transfer (DBOOT) model.

The LoI is for 24 months and also has an extension clause that is subject to fulfilment of the terms and conditions stipulated in the letter. 

The proposed port is situated near major highways such as the National Highway 8 and the State Highway (Boisar Road) and also the Rail Corridors such as the Delhi-Mumbai trunk rail route and the dedicated western freight corridor. 

Earlier last week, a subsidiary of the company, JSW Port Logistics, acquired a 70.37% stake in Navkar Corporation from its promoters. 

The shares of the company hit a 52-week high of Rs 360.95 on 4 July 2024 and a 52-week low of Rs 162.05 on 26 October 2023.

At 1:45 pm, the shares of JSW Infrastructure were trading 0.81% higher at Rs 321.65 on NSE. 

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