JSW Infra gets LoI from the Maharashtra Maritime Board

9 Oct 2024 , 03:33 PM

JSW Infrastructure Ltd. announced Wednesday that it has received a letter of intent (LOI) from the Maharashtra Maritime Board (MMB) for the development, operation, management, and maintenance of a multipurpose port in Palghar.

The LOI is valid for 24 months, subject to the fulfilment of the terms and conditions set out. MMB will enter into a Concession Agreement (CA) for the Project after meeting the criteria and conditions outlined in the LOI. The CA will be valid for 70 years, according to the company’s exchange filing.

The projected Murbe port is intended to be an all-weather, multi-cargo commercial facility. The proposed port is near important roadways such as National Highway 8 and State Highway (Boisar Road), as well as rail corridors such as the Delhi-Mumbai trunk line and the Dedicated Western Freight Corridor.

JSW Infra stated that the proposed port’s hinterland is active, with the port poised to fulfil the burgeoning demands of the company’s anchor client cargo while also supporting the EXIM Cargo activities of current and fast-expanding enterprises in the vicinity.

This initiative could boost economic activity and create a huge number of employment in the region.

The Murbe greenfield project aligns with the company’s FY30 expansion plan, which calls for increasing capacity from 170 million tonnes per annum (MTPA) to 400 MTPA.

At around 3.26 PM, JSW Infra was trading 0.51% lower at ₹321, against the previous close of ₹322.65 on NSE. The counter touched an intraday high and low of ₹330.20, and ₹319.20, respectively.

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