JSW Infra bags contract for Gati Shakti Multi Modal Terminal construction in Chennai

JSW Infrastructure Ltd has received a Letter of Acceptance for the Contract for the Construction & Operation of the Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, Chennai, Tamil Nadu. The shares of the infrastructure company have surged by 2.9% to Rs 328.40.

As per the regulatory filing made, the Company has received a Letter of Acceptance from Southern Railway, Chennai Division for the “Contract for Construction & Operation of Gati Shakti Multi-Modal Cargo Terminal (GCT)” at Arakkonam, Chennai, Tamil Nadu.

 

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The terms and conditions will be as per the Agreement for Gati Shakti Multi-Modal Cargo Terminal (fully on railway land) to be entered with Southern Railway, Chennai Division.

The Company shall commence construction within three (03) months of the grant of approval of construction, and complete construction within eighteen (18) months of the grant of approval of construction of GCT. The Railway land shall be licensed for 35 years.

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Additionally, JSW Infrastructure Limited, through its wholly-owned subsidiary JSW Port Logistics Private Limited (the “Acquirer”), has agreed to acquire 70.37% shareholding held by Promoters and Promoter Group in Navkar Corporation Limited.

The completion of the acquisition is subject to the receipt of customary approvals required from certain regulatory bodies and the completion of identified conditions precedent, as per the regulatory filing.

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