JSW Infrastructure Limited has completed the acquisition of NCR Rail Infrastructure Limited under a resolution plan approved through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The acquisition took effect on September 10, 2026, according to a company filing with the stock exchanges.

The transaction was completed through JSW Infrastructure’s step-down wholly owned subsidiary, Khurja Rail Terminal Private Limited. Following implementation of the approved resolution plan, NCR Rail has become a step-down wholly owned subsidiary of JSW Infrastructure.

Acquisition approved under insolvency resolution plan

The company had earlier disclosed that it received a letter of intent from NCR Rail’s resolution professional in relation to its submitted resolution plan. The National Company Law Tribunal’s Mumbai Bench II approved the plan through an order dated January 22, 2026.

JSW Infrastructure said the acquisition involved the purchase of 100% of NCR Rail’s share capital through Khurja Rail Terminal. The transaction was conducted for cash consideration, with the acquisition cost stated at Rs. 467.47 crore.

In addition to that amount, the company paid Rs. 41.94 crore for the purchase of approximately 39.57 acres of land from Arshiya Limited, as provided under the approved resolution plan. The filing said the acquisition did not constitute a related-party transaction.

Khurja freight terminal and logistics assets

NCR Rail owns and operates a private freight terminal in Khurja, Uttar Pradesh. The facility has six rail lines and is located approximately 90 kilometres from New Delhi and about 40 kilometres from the upcoming Jewar Airport, according to the company’s disclosure.

The terminal also includes two covered, fully constructed and operational warehouses with a combined area of approximately 0.2 million square feet. NCR Rail owns a land bank of around 130 acres and is engaged in logistics, including cargo and warehousing services.

JSW Infrastructure said the acquisition is intended to support the integration and expansion of its logistics business. NCR Rail was incorporated on April 7, 2008, and has a presence in India.

Financial details and subsidiary addition

NCR Rail reported revenue from operations of Rs. 11.19 crore in financial year 2026, compared with Rs. 10.10 crore in financial year 2025 and Rs. 8.63 crore in financial year 2024. Its loss after tax stood at Rs. 25.96 crore in FY2026, against losses of Rs. 23.34 crore in FY2025 and Rs. 1,367.12 crore in FY2024.

The filing reported NCR Rail’s historical net worth at negative Rs. 2,168.69 crore for FY2026. JSW Infrastructure noted that the figures reflected NCR Rail’s position before implementation of the approved resolution plan and that its liabilities would be dealt with according to the plan’s terms.

As a consequence of the NCR Rail acquisition, AMD Business Support Services Private Limited has also become a step-down wholly owned subsidiary of JSW Infrastructure. AMD is described in the filing as a non-operational entity incorporated on November 24, 2009. Its 100% share capital was acquired through Khurja Rail Terminal for a cash consideration of Rs. 1 lakh.

JSW Infrastructure submitted the disclosure under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015. The company said the acquisition and related subsidiary changes were effective from September 10, 2026.