JSW Infra arm acquires Marine Oil Terminal; shares fall
JSW Infrastructures Ltd shares fell as much as 3% at ₹218.05 apiece on the BSE today despite the company announcing acquisition of Marine Oil Terminal by its wholly owned subsidiary.
JSW’s shares opened at ₹225.8 and surged to intraday high of ₹229. In contrast to this, the broader BSE Sensex was trading 0.47% or 338.27 lower at 71,098.92. At the time of reporting, its two-week average quantity stood 5.93 lakh.
The Middle East-based JSW Terminal acquired Marshall Island's Marine Oil Terminal, the filing shows. "...With the completion of this acquisition, Marine Oil Terminal now functions as the step-down subsidiary of JSW Infrastructures."
In October this year, JSW Infrastructure, a division of the JSW Group led by Sajjan Jindal, had made strong entry into the stock exchanges. It was third entity within the conglomerate to be listed on domestic bourses, following JSW Steel and JSW Energy, and marked a return to stock market listings after a hiatus of 13 years.
Besides, JSW Group has also been exploring prospects in emerging sectors such as defence, electric vehicles (EV), semiconductors, drones, and IT services.
In November 2023, JSW Group entered into a joint venture with China’s state-owned SAIC Motor to acquire a 35% stake in its Indian business, MG Motor India.
With this, GSW will focus on the development of the EV ecosystem and aim for a leadership position in this space.
Also Read: JSW to buy 35% stake in MG Motor India
Under the pact, SAIC Motor and JSW Group will create strategic synergies by bringing together resources in the field of automobiles and new technology. SAIC will continue supporting the joint venture with technology and products.
Also Read: JSW’s Man Of Steel
The JV will undertake many initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.
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