JSW Infrastructure Limited announced that its subsidiary Ennore Coal Terminal Private Limited (ECTPL) has received a GST order demanding ₹96.58 crore from Chennai tax authorities. The development follows an earlier show cause notice issued in September 2025, with the matter now progressing to a formal order stage.

Order Details and Timeline

The order was received on December 30, 2025, at around 11:00 AM via speed post. It was dated December 22, 2025, and passed by the Additional Commissioner of Central Tax, Office of The Commissioner of GST and Central Excise, Chennai Outer, Tamil Nadu.

Nature of Allegations

The order alleges short payment of GST during the period from April 2019 to March 2024. The authorities have invoked provisions under Section 74 read with Section 122(2)(b) of the CGST Act, 2017/TNGST Act, 2017 read with Section 20 of IGST Act, 2017.

Company's Response Strategy

JSW Infrastructure has announced its intention to file an appeal against the order. The company maintains confidence in its legal position, stating it has strong legal and factual grounds to contest the order before appellate authorities.

Financial and Operational Impact

The company has clarified that there is no material impact on its financial, operational, or other activities, except for the payment of 10% of the tax demanded as a pre-deposit for filing the appeal. This pre-deposit requirement amounts to approximately ₹9.66 crore, which represents the only immediate financial obligation for the company.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and follows the SEBI Master Circular dated November 11, 2024. This represents a continuation of the company's earlier intimation dated September 29, 2025, regarding the initial show cause notice.

JSW Infrastructure Limited has announced a postal ballot seeking shareholder approval for a significant ₹1,212 crore acquisition in the rail logistics sector. The company issued the notice on December 19, outlining a material related party transaction that could substantially expand its logistics capabilities.

Transaction Overview

The proposed acquisition involves JSW Port Logistics Private Limited, a wholly-owned subsidiary of JSW Infrastructure, purchasing 100% equity stake in three specialized rail logistics companies from JSW Shipping Logistics Private Limited, a promoter group entity. The target companies include JSW Rail Infra Logistics Private Limited, JSW Minerals Rail Logistics Private Limited, and JSW (South) Rail Logistics Private Limited.

Strategic Rationale and Business Benefits

The acquisition provides JSW Infrastructure immediate access to the General Purpose Wagon Investment Scheme (GPWIS) and Liberalized Special Freight Train Operator Scheme (LSFTO) frameworks. Indian Railways has implemented a moratorium on new GPWIS licenses until February, making this acquisition strategically valuable for market entry.

The target entities currently operate 21 railway rakes, comprising 15 rakes under JSW Minerals and 6 rakes under JSW Rail. These assets are pre-approved by railway authorities and include long-term contractual agreements with anchor customers like JSW Steel Limited and Bhushan Power Steel Limited, ensuring predictable cash flows.

Financial Projections and Valuation

According to the valuation report by PwC Business Consulting Services LLP dated December 8, the combined enterprise value of the three target entities is estimated at ₹1,314.00 crore. The company has negotiated a more favorable consideration of ₹1,212.00 crore for the transaction.

The transaction is expected to be EPS accretive and aligns with the company's strategic objective of achieving ₹8,000.00 crore topline in the logistics segment by fiscal year 2030.

Voting Process and Timeline

Shareholders can participate in the postal ballot exclusively through remote e-voting, with no physical ballot forms being distributed. The voting process is managed by KFin Technologies Limited as the service provider.

Only members whose names appear in the Register of Members/List of Beneficial Owners as of the cut-off date are eligible to vote. Mr. Sunil Agarwal has been appointed as the scrutinizer for conducting the postal ballot process.

Regulatory Approvals and Governance

The transaction has received unanimous approval from the Audit Committee and Board of Directors on December 8. The Audit Committee, constituted by a majority of Independent Directors, thoroughly reviewed the transaction along with the PwC valuation report. Mr. Sajjan Jindal, Chairman and Non-Executive Director, abstained from participation and voting due to his related party status.

The acquisition is subject to regulatory approval from the Ministry of Railways and other necessary authorities. Related parties, including promoter group entities, will abstain from voting on the resolution as per regulatory requirements.

The postal ballot notice and explanatory statement are available on the company's website at www.jsw.in/infrastructure and on the websites of stock exchanges BSE and NSE.