Shares of JSW Infrastructure were climbing on Friday after the firm said it would enter the logistics arena via a major acquisition.

What Happened: The Sajjan Jindal-led firm has decided to acquire the entire shareholding of Mumbai-based Navkar Corporation’s promoters, marking its foray into the container-handling business, according to an exchange filing.

JSW Infra will pay ₹1,013 crore in cash for the promoter stake, acquiring Navkar Corp at ₹95.61 per share, a discount from Navkar’s closing price of ₹112.15 on the Bombay Stock Exchange on Thursday.

See Also: Reliance MCap Breaches ₹21 Lakh Cr, 1st Indian Company To Do So

Following the acquisition, JSW Infra will trigger a mandatory open offer, offering ₹105 per share to Navkar’s minority shareholders.

"This acquisition aligns with our strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector," JSW Infrastructure said.

Navkar Corporation owns container freight stations and inland container depots, owning infrastructure near Nhava Sheva port in Navi Mumbai, India’s second-largest port after Mundra in Gujarat.

JSW Infrastructure, second only to Adani Ports and Special Economic Zone among private port operators in India, raised ₹2,800 crore through an IPO in September, which was subscribed 37 times, indicating strong interest from both institutional and retail investors.

Price Action: JSW Infra’s share price was trading 4.45% higher at ₹333.15 in morning trade on Friday.

Read Next: What's Going On With RVNL Share Price Today?