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JSW Infrastructure, the listed ports unit of Indian steel tycoon Sajjan Jindal-led conglomerate JSW Group, has won a bid to develop a commercial port for ₹4,119 crore ($495m) at Keni in Karnataka.
Keni port is located between the large ports of Mormugao in the north and New Mangalore in the south. The hinterland transports coal and coke for use in steel, cement, and power industries.
According to the Karnataka Maritime Perspective Plan, the southern state has a hinterland freight potential of 44 mtpa, predicted to grow to 117 mtpa by 2035.
An all-weather, deepwater, greenfield port will have an initial capacity of 30 mtpa and be equipped to handle capesize vessels. The project is expected to be completed in the next five years.
“We will start working to develop the Keni port as an integral part of the State’s maritime infrastructure and trade gateway. Once developed, the Keni port is expected to crucially address the rising import and export trade momentum of the region,” said Arun Maheshwari, the company’s managing director and CEO.
JSW Infrastructure has grown to become India’s fastest-growing port-related infrastructure firm in terms of growth by capacity and cargo volumes handled. The company’s business operations expanded from one port concession at Mormugao Port Trust in Goa, acquired by JSW in 2002 and started operations in 2004, to nine port concessions across the eastern and western coast of India, with a handling capacity of about 158.4 mtpa for multi-commodity cargo.
The latest development will see India’s second-largest port operator in terms of cargo handling capacity add a tenth development to its portfolio, marking the first major move since floating on the stock exchange in October.
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