JSW Infrastructure Limited has announced that its wholly owned subsidiary, JSW Kolkata Container Terminal Private Limited, has received permission to commence operations at Berth No. 7 and its Back Up Area of Netaji Subhash Dock (NSD) under Syama Prasad Mookerjee Port, Kolkata. The permission was granted by the Principal Commissioner of Customs (Port) and communicated through a trade circular dated 7th May, 2026, issued by Syama Prasad Mookerjee Port, Kolkata. The company disclosed this development to stock exchanges on 8th May, 2026, pursuant to Regulation 30 read with Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Background and Project Details

This operational commencement marks a significant milestone in a project that has been progressing through key stages. The project pertains to the Reconstruction of Berth No. 8 and Mechanization of Berth Nos. 7 and 8 at Netaji Subhash Dock of the Kolkata Dock System, Syama Prasad Mookerjee Port, Kolkata. The project is being executed on a Design, Build, Finance, Operate and Transfer (DBFOT) basis through Public-Private Partnership (PPP) mode.

The key milestones and project details leading up to this development are outlined below:

Regulatory Disclosure

The disclosure was made in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026. The filing was signed by Hitesh Kanani, Company Secretary and Compliance Officer of JSW Infrastructure Limited, with Membership No. F6188. The intimation is in continuation of the company's earlier disclosures dated 7th July, 2025, and 15th September, 2025, related to the same project at Netaji Subhash Dock.

JSW Infrastructure Limited has received its Monitoring Agency Report for the quarter ended March 31, 2026, submitted by CARE Ratings Limited pursuant to Regulation 32(6) of the Listing Regulations read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report covers the utilisation of proceeds from the company's Initial Public Offering (IPO) — a fresh issue of 235,294,117 equity shares aggregating to Rs. 2,800 crore — which was open for subscription from September 25, 2023, to September 27, 2023.

IPO Proceeds Utilisation Overview

As of March 31, 2026, JSW Infrastructure has cumulatively utilised Rs. 2,056.33 crore out of a total proposed outlay of Rs. 2,726.13 crore across all objects of the issue. During Q4FY26 alone, the company deployed Rs. 85.15 crore. The following table summarises the utilisation status across all objects:

During Q4FY26, JSW Infrastructure Limited (JSWIL) invested Rs. 58.65 crore in JSW Jaigarh Port Limited (JPL) — comprising Rs. 16.61 crore towards the LPG Terminal Project and Rs. 42.04 crore towards the electric sub-station — and Rs. 26.50 crore in JSW Mangalore Container Terminal Private Limited (JSW MCTPL).

Deployment of Unutilised IPO Proceeds

The remaining Rs. 669.80 crore of unutilised proceeds has been deployed in fixed deposits across multiple banks as at the end of the quarter. The details are as follows:

Capex Implementation Delays Flagged

CARE Ratings has flagged delays in the implementation of certain capital expenditure objects against the timelines specified in the offer document. For the LPG Terminal Project, the entire capex of Rs. 865.75 crore was to be incurred by Fiscal 2026, against which only Rs. 266.83 crore has been incurred till March 31, 2026; the exact period of delay is not ascertainable. Similarly, for the electric sub-station, Rs. 57.55 crore has been incurred against the target of Rs. 59.40 crore by Fiscal 2026, with the exact delay period also not ascertainable.

For the expansion at JSW Mangalore Container Terminal Private Limited, the entire capex of Rs. 151.05 crore was to be incurred by Fiscal 2025, against which Rs. 82.02 crore has been incurred till March 31, 2026 — with the exact delay period not ascertainable. The purchase and installation of the dredger, originally targeted for completion by Fiscal 2025, was completed in Fiscal 2026, with a minuscule amount of Rs. 0.63 crore utilised in Q1FY26.

General Corporate Purposes Utilisation

The entire allocation of Rs. 666.05 crore under General Corporate Purposes has been fully utilised. The breakdown of this utilisation is presented below:

Monitoring Agency Observations

CARE Ratings confirmed that there are no deviations from the objects or expenditures disclosed in the offer document, and no change in the means of finance for the objects of the issue. The Monitoring Agency noted that the company transferred issue proceeds from the public account to a monitoring account (Axis Bank) and then to various fixed deposits, which were subsequently transferred to current accounts (maintained with Axis Bank and Yes Bank) for utilisation, rather than directly from the monitoring account. Accordingly, the Monitoring Agency relied on management declarations and a Chartered Accountant certificate from M/s Shah Gupta & Co., Chartered Accountants (Statutory Auditor), dated April 22, 2026, to ascertain fund utilisation. All statutory approvals related to the objects remain in progress, as per the Red Herring Prospectus.