JSW Infrastructure acquires rail logistics subsidiaries for INR 744.9 crore

JSW Infrastructure Limited (JSW Infra) announced the acquisition of 100% equity share capital in JSW Rail Infra Logistics Private Limited (JSWRIL), JSW Minerals Rail Logistics Private Limited (JSWMRL), and JSW (South) Rail Logistics Private Limited (JSWSRL). These acquisitions were made from its wholly-owned subsidiary, JSW Port Logistics Private Limited. The total fair value for these acquisitions, according to a valuation report by PwC Business Consulting Services LLP, is INR 744.9 crore as of September 30, 2025.

The valuation report detailed the fair values of the individual entities: JSWMRL at INR 488.2 crore, JSWRIL at INR 242.8 crore, and JSWSRL at INR 14.0 crore. Valuation methodologies included the Discounted Cash Flow (DCF) method for JSWMRL and JSWRIL, reflecting their operational status, and the Net Asset Value (NAV) method for JSWSRL, given its nascent operational stage. PwC highlighted that the acquisition is considered superior to a greenfield build due to paused new GPWIS approvals, established route rights, and faster time-to-revenue.

JSWMRL operates 12 BOBSNS rakes and 7 BOXNHL rakes, primarily hauling bulk materials, with long-term agreements with Bhushan Power and Steel Limited, JSW Steel Limited, and JSW Cement Limited. JSWRIL operates 6 BFNV rakes for steel coil transportation, with a long-term agreement with Bhushan Power and Steel Limited. JSWSRL, while currently without material operations, is in the process of obtaining Indian Railways' approval under the LSFTO scheme, with potential for upside upon commencement of operations.