JSW Infrastructure Okays 250 Million Share Issue; Appoints Kartick Maheshwari to Board

JSW Infrastructure Limited has secured board approval to raise funds by issuing up to 250 million equity shares to finance its expansion strategy and comply with regulatory public shareholding norms.

In a regulatory filing, the company stated that its Board of Directors authorised the equity raise through permissible modes, including a Qualified Institutional Placement, Further Public Offer, Rights Issue, or other methods. The issuance involves shares with a face value of ₹2 each. The board authorised the Finance Committee to determine the timing, price, and specific terms of the issuance.

The company is currently executing a capital expenditure plan worth ₹390 billion across its ports and logistics operations. The company targets scaling port capacity from the current 177 million tonnes per annum (MTPA) to 400 MTPA by 2029-30 through a combination of brownfield expansions, connectivity projects, and greenfield developments offering coverage in Odisha, Karnataka, Maharashtra, and Oman. Furthermore, the filing notes that ₹90 billion of this total capex is allocated to constructing a fully integrated ports-to-hinterland logistics ecosystem. As part of this logistics strategy, the release highlighted the acquisition of Navkar Corp as a step toward offering last-mile connectivity and end-to-end solutions.

Rinkesh Roy, Joint Managing Director and CEO of JSW Infrastructure, stated in the release: “The fund-raising initiative marks a pivotal step in the Company’s journey to build a world-class ports and logistics ecosystem for India. Beyond supporting our growth projects and strengthening our national footprint, it will also enable us to meet the Minimum Public Shareholding requirement within the mandated timeline.”

Data provided in the filing indicated the company held cash and bank balances of ₹34.55 billion as of December 31, 2025, with a net debt-to-EBITDA ratio of 0.76x. The company holds investment-grade ratings from Fitch and S&P. Management guidance cited in the release projects that operating EBITDA will double by 2027-28 from 2025-26 levels to reach approximately ₹50 billion. This outlook relies on the progression of under-construction projects in the ports segment and the transition of logistics assets from the capex phase to revenue generation.

The Board specifically approved the appointment of Kartick Maheshwari as a Non-Executive, Independent Director for a consecutive term of three years. Maheshwari replaces Amitabh Kumar Sharma, whose second term as an Independent Director concludes on March 27, 2026.