JSW Infrastructure Completes ₹467 Crore Acquisition of NCR Rail; Gains Khurja Freight Terminal and 130-Acre Land Bank
JSW Infrastructure has completed the acquisition of NCR Rail Infrastructure Limited (NCR Rail) under an approved resolution plan pursuant to the Insolvency and Bankruptcy Code (IBC), strengthening its logistics and rail-terminal business.
The acquisition was completed on September 10, 2026, through JSW Infrastructure’s step-down wholly owned subsidiary Khurja Rail Terminal Private Limited.
Following completion, NCR Rail has become a step-down wholly owned subsidiary of JSW Infrastructure.
₹467.47 Crore Acquisition Completed
JSW Infrastructure has acquired 100% of NCR Rail’s share capital through Khurja Rail Terminal.
The company has paid ₹467.47 crore as the acquisition cost under the approved resolution plan.
In addition, JSW Infrastructure has paid ₹41.94 crore for the purchase of approximately 39.57 acres of land from Arshiya Limited, as provided under the resolution plan.
This takes the disclosed cash outlay related to the acquisition and additional land purchase to approximately ₹509.41 crore.
Strategic Khurja Rail Terminal
NCR Rail owns and operates a Private Freight Terminal at Khurja in Uttar Pradesh, making the asset strategically important for JSW Infrastructure’s logistics expansion.
The terminal has:
- Six rail lines
- Two covered, fully constructed and operational warehouses
- Approximately 0.2 million sq. ft. of warehouse space
- Approximately 130 acres of land bank
- Location around 90 km from New Delhi
- Location around 40 km from the upcoming Jewar Airport
The location gives the asset potential relevance for freight movement, cargo handling and warehousing services in the Delhi-NCR and western Uttar Pradesh region.
Acquisition to Expand Logistics Business
JSW Infrastructure said the acquisition is aimed at integration and expansion of its logistics business.
NCR Rail is engaged in logistics and operates the Khurja Private Freight Terminal, providing related cargo and warehousing services.
The acquisition therefore fits within JSW Infrastructure’s broader logistics and transportation operations rather than representing a diversification into an unrelated business.
NCR Rail’s Financial Position
NCR Rail generated revenue from operations of ₹11.19 crore in FY2026, compared with ₹10.10 crore in FY2025 and ₹8.63 crore in FY2024.
However, the company reported losses during the period.
Its FY2026 PAT stood at negative ₹25.96 crore, compared with negative ₹23.34 crore in FY2025.
The historical balance sheet also showed a negative net worth of ₹2,168.69 crore as of FY2026.
However, JSW Infrastructure has clarified that these figures represent NCR Rail’s historical financial position before implementation of the approved resolution plan, with liabilities being dealt with according to the terms of the plan.
IBC Resolution Plan Completed
The acquisition follows JSW Infrastructure’s earlier steps under the insolvency resolution process.
The company had received a Letter of Intent from the Resolution Professional in July 2025 in relation to its resolution plan for NCR Rail.
The National Company Law Tribunal (NCLT), Mumbai Bench II approved the resolution plan on January 22, 2026.
JSW Infrastructure has now completed implementation of the approved plan, making the acquisition effective September 10, 2026.
AMD Business Support Services Also Comes Under JSW Infrastructure
As a consequence of the NCR Rail acquisition, AMD Business Support Services Private Limited, which was a wholly owned subsidiary of NCR Rail, has also become a step-down wholly owned subsidiary of JSW Infrastructure.
AMD is a non-operational entity.
JSW Infrastructure has acquired 100% control of AMD through Khurja Rail Terminal, with the disclosed acquisition cost at ₹1 lakh.
Why the Acquisition Matters
The acquisition is strategically more significant because JSW Infrastructure is gaining control of an operational rail freight terminal rather than simply acquiring a financial investment.
The combination of six rail lines, operational warehousing, a 130-acre land bank and proximity to Delhi-NCR and the upcoming Jewar Airport provides JSW Infrastructure with an additional logistics platform.
The acquisition could also allow the company to integrate rail transportation, cargo handling and warehousing capabilities within its wider logistics network.
Investor Takeaway
The completion of the NCR Rail acquisition is an important development for JSW Infrastructure’s logistics expansion strategy.
The immediate financial contribution from NCR Rail may be limited given its relatively small historical revenue base and past losses. However, the strategic value lies in the underlying infrastructure assets, particularly the Khurja freight terminal, warehouse facilities and land bank.
Investors should watch how JSW Infrastructure integrates the terminal, improves utilisation and monetises the available logistics and warehousing capacity.
The key future catalysts will be freight volumes, terminal utilisation, warehousing growth and any expansion or development of the acquired land bank.
Source: JSW Infrastructure corporate disclosure dated September 10, 2026.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should independently evaluate the company’s financial position, acquisition terms, asset utilisation potential and associated risks before making any investment decision.