Shares of JSW Infrastructure rallied 5% and hit a 52-week high of Rs 336 on 28 June after the company announced that its subsidiary had acquired a majority stake in Navkar Corporation. 

In its regulatory filing, the company said that its subsidiary JSW Port Logistics has acquired a 70.37% stake in Navkar Corporation, which was previously owned by the promoters of Navkar. 

The filing added, “The acquisition aligns with the company’s strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector. The acquisition will result in the company’s foray into logistics and other value-added Services.”

This acquisition will help the business to offer improved port connectivity and streamlined supply chain solutions to its customers. 

The company added that in accordance with Sebi laws, they are required to make an open offer to the remaining shareholders of Navkar Corporation. 

Navkar Corporation Limited is listed on the NSE and BSE, specialises in providing comprehensive logistics services, including storing empty containers, handling marine and hazardous cargo,offering examining and clearance services, operating rail terminals, consolidation services, providing warehousing solutions, handling reefer containers, and managing buffer yards. 

At 3:30 pm, the shares of JSW Infra closed 2.96% higher at Rs 328.40 on NSE.