JSW Infra stock soars 8.4% to all time high on ₹4,119 crore order win
JSW Infrastructure, one of India's leading commercial port companies, spiked up nearly 8.5% to hit an all-time high of ₹220 apiece in early trade on Friday after the company received a LoA worth ₹4,119 crore. In an exchange filing on Thursday, the company said it emerged as the winning bidder for the development of an all-weather, deep-water, greenfield port at Keni in Karnataka on a public-private partnership basis.
"The Karnataka Maritime Board, Government of Karnataka, has issued the Letter of Award (LOA) to JSW Infrastructure. As per the RFP document, the estimated cost of the project is ₹4,119 crore with an initial capacity of 30 MTPA," the company said in a regulatory filing.
Also Read: JSW Infra targets 50% external biz The proposed Keni Port would have modern, environment-friendly mechanised facilities for handling of cape-size vessels. It is envisaged as an all-weather, greenfield, multi-cargo, direct berthing, deep-water commercial port for handling all types of the cargoes on the west coast of the North Karnataka region to serve the industries in the area covering Bellary, Hosapete, Hubballi, Kalaburagi, and South Maharashtra, according to the company.
Commenting on the development, Mr Arun Maheshwari, Joint MD and CEO of JSW Infrastructure, said, “Karnataka is targeting an impressive industrial growth, and there has been an increased emphasis on the expansion and growth in maritime infrastructure in the region. Once the concession agreement is signed, we will start working to develop the Keni Port as an integral part of the state’s maritime infrastructure & trade gateway.
Through the development of this greenfield port. "We are partnering with the Karnataka Government’s mission to meet the logistics demand of
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