### **Overview** JSW Infrastructure Ltd is India’s **second-largest private commercial port operator** with a current cargo-handling capacity of **177 million tonnes per annum (MTPA)** across **12 strategically located port concessions** on both the western and eastern coasts of India. As a key member of the **US$23–24 billion JSW Group**, the company has evolved from a captive logistics arm serving JSW Steel to a diversified, commercially focused port and integrated logistics solutions provider. Listed on Indian stock exchanges in October 2023, JSW Infrastructure has a **current market capitalization of approximately $7–8 billion**, reflecting strong investor confidence. The company is undergoing a major strategic transformation under the leadership of **Mr. Devki Nandan Sharma**, transitioning from a port-centric model to a **pan-India integrated logistics player**, with a vision to deliver end-to-end, multi-modal, last-mile connectivity solutions. --- ### **Core Business & Operations** #### **Domestic Port Operations** - Operates **12 port concessions** across key Indian states including Maharashtra, Goa, Karnataka, Odisha, Tamil Nadu, Andhra Pradesh, and Telangana. - Ports are located near industrial clusters, mineral belts, and JSW Group plants, ensuring strong cargo visibility and reduced logistics costs. - Terminals feature **deep draft access** (up to 14–18 meters), enabling direct berthing of **Cape-size and Post-Panamax vessels**. - Utilizes **highly mechanized handling systems** to ensure fast vessel turnaround and high asset utilization. - Cargo types include **dry bulk (coal, iron ore, limestone), liquid bulk (fuel oil, naphtha), containers, LPG/LNG, and break bulk**. #### **International Presence** - Owns a **465,000 cubic meter commercial liquid storage terminal** in **Fujairah, UAE**, acquired in Q3 FY24 for $187 million, marking entry into the global liquid storage market. - Holds **Operations & Maintenance (O&M) contracts** for two **dry bulk terminals** in the UAE: - **Fujairah Terminal (24 MTPA)** - **Dibba Bulk Handling Terminal (17 MTPA)** - These international assets enhance global footprint, provide annuity-like revenue, and serve as a hub for Indian steel and cement companies importing aggregates and limestone. #### **Cargo & Utilization** - Handled **117 million tonnes (MMT) of cargo in FY2025**, a 9% YoY increase. - **Third-party cargo share** has surged from **3% in FY2019 to 52% in FY2025**, reducing reliance on group cargo. The company aims for a **50:50 split between group and third-party cargo** within five years. - Current **port capacity utilization** stands at **~64% (FY2025)**, with plans to increase to **70–75% by FY2027** through organic growth and brownfield expansions. --- ### **Strategic Growth Vision: ‘400 MTPA by 2030’** JSW Infrastructure aims to **expand its cargo-handling capacity from 177 MTPA in FY2025 to 400 MTPA by FY2030**—a **2.3x increase** requiring **₹30,000 crore (~$3.6 billion)** in capital expenditure. #### **Growth Avenues:** 1. **Greenfield Port Development** - **Keni Port (Karnataka)**: 30 MTPA deep-water, all-weather commercial port under DBFOT model. CAPEX: ₹4,119 crore. - **Jatadhar Port (Odisha)**: 30 MTPA greenfield port to serve steel and mining clusters. - **Murbe Port (Palghar, Maharashtra)**: 5–19 MTPA capacity, under development. 2. **Brownfield Expansions** - **Jaigarh Port (Maharashtra)**: Expansion from 55 MTPA to 70 MTPA (CAPEX: ₹2,359 crore). - **Dharamtar Port (Maharashtra)**: Expansion from 34 MTPA to 55 MTPA. - Drivers: Anchor demand from JSW Steel’s upcoming 5 MTPA Dolvi steel plant. 3. **New Terminals via PPP & Privatization** - Awarded two **liquid cargo berths (LB3 & LB4)** at **Jawaharlal Nehru Port (JNPA)**: 4.5 MTPA capacity. - Won PPP bid for a **7 MTPA dry bulk terminal at Tuticorin Port**. --- ### **Expansion into Integrated Logistics** In June 2025, JSW Infrastructure made a strategic foray into inland logistics by acquiring a **70.37% stake in Navkar Corporation Ltd for ₹1,711 crore** through **JSW Port Logistics**, its subsidiary. #### **Logistics Business Vertical** - Plans to grow **logistics topline to ₹8,000 crore by FY2030**, targeting **25% EBITDA margin** via an **asset-light model**. - Key logistics initiatives: - **Inland Container Depots (ICDs) & Container Freight Stations (CFS)**: Leveraging JSW Group’s industrial sites in steel, cement, and paints. - **Gati Shakti Multi-Modal Cargo Terminals (GCTs)**: Asset-light model using Indian Railways land. First GCT launched in **Arakkonam, Chennai**. - **Rail-based Logistics**: 11 container rakes (3 on lease), Category 1 & 2 train operator licenses. - **Last-Mile Solutions**: 602 trailers, 2,450+ domestic containers, dedicated rail sidings in development. #### **Land Bank & Connectivity** - **283 acres** of land across **Panvel, Maharashtra (143 acres)** and **Morbi, Gujarat (140 acres)**. - 183 acres developed for logistics operations; 100 acres available for future greenfield logistics parks. --- ### **Synergistic Infrastructure Projects** #### 1. **Iron Ore Slurry Pipeline (Odisha)** - Took over a **302 km pipeline** from JSW Steel (Nuagaon to Jagatsinghpur) to serve **Jatadhar Port**. - **180 km completed**, commercial operations expected by **April 2027**. - Under **20-year take-or-pay agreement**; expected to deliver **mid-teens IRR**, generate stable cash flow, and reduce carbon emissions. #### 2. **Coastal Shipping & Evacuation Infrastructure** - Operates **mini-bulk carriers (MBCs)**, road fleets, rail systems, and conveyor belts for seamless cargo evacuation. - Dedicated infrastructure enables **integrated, eco-friendly supply chain solutions**. --- ### **Financial & Strategic Highlights (Nov 2025)** | Metric | Status | |-------|--------| | **Total Port Capacity** | 177 MTPA (FY2025) → Target: **400 MTPA by FY2030** | | **Third-Party Cargo Share** | Increased from **6% (FY2019) to 52% (FY2025)** | | **Logistics Revenue Target** | ₹8,000 crore by FY2030 | | **Logistics CAPEX** | ₹9,000 crore by FY2030 | | **International Assets** | Liquid terminal (465,000 m³) in Fujairah + 2 O&M dry bulk terminals (41 MTPA) | | **Land Bank** | 283 acres (India); supports future logistics and port connectivity | | **Inorganic Strategy** | Active pursuit of CFS, ICD, terminal privatization, and stress-asset acquisitions | --- ### **Governance & Vision** - **Leadership**: Led by **Mr. Devki Nandan Sharma**, with strong expertise in strategy, M&A, marketing, and port operations. Leadership team expanded with key hires like **Mr. Amit Garg (Logistics)** and **Ms. Padmini Kant Mishra (Terminal Projects)**. - **Concession Tenure**: Average **25 years remaining**, ensuring stable revenue; **Jaigarh Port alone has 35 years**. - **Sustainability**: Focus on **digitization, automation, and low-carbon operations**, including transitioning to grid power in UAE to reduce CO₂ emissions.