Sajjan Jindal family plans to dilute 14% of its promoter shareholding in JSW Infrastructure to fund its ₹39,000-crore capex over the next five years. Alongside its ongoing expansion efforts, India's second-largest private port operator intends to aggressively bid for privatised terminals and explore acquiring stressed logistics assets through the NCLT process.The Sajjan Jindal family, which currently holds an 85.61% stake, will reduce its holding to below 75% to comply with regulatory requirements that mandate a stake cut within three years of listing. The company, listed in September 2023, aims to maintain a 70:30 debt-to-equity ratio to fund its ₹39,000 crore capex plan. To meet other equity requirements, company plans to utilise internal cash accruals. "Existing cash will be used for equity in the ₹39,000-crore expansion, covering 25-30% of the remaining debt," said Lalit Singhvi, whole-time director and CFO, JSW Infra.Eyeing AcquisitionsJSW Infra operates 10 port concessions across India with a capacity of 174 MTPA and manages a liquid storage terminal in Fujairah, UAE, along with bulk terminals in Fujairah and Dibba.The company sees logistics as a natural extension for the business to maintain stickiness of customers who also require last mile connectivity. "We will look at acquisitions in this segment. Whether it is an NCLT-bound company or a company that is unable to scale," Singhvi added. Besides, the company will be keen on bidding for upcoming ports and terminals, he added.117865599On raising debt from Indian or international banks, Singhvi said, "Rupee loans will fund Indian projects, while international ventures, like the UAE oil tank terminal, may use dollar loans. For that project, previously, a $400-million bond was raised. The mix of Indian and international debt will depend on interest rates at the time. Hedging isn't needed currently, as dollar inflows exceed outflows. At this point of time around 18% of revenue comes in dollars, mainly from vessel-related charges internationally, which we charge as a fee."JSW Infrastructure has allocated ₹30,000 crore for port expansions and greenfield projects and ₹9,000 crore for logistics. The Jatadhar Port (₹3,000 crore) will be ready by FY28, while Keni Port (₹4,119 crore) will be completed by FY29. A ₹4,000-crore slurry pipeline will be completed by April 2027, and Navkar Corp's logistics network will expand by FY30.Ebitda PushJSW Infrastructure is aiming for a 12-15% increase in earnings before interest, taxes, depreciation, and amortization (Ebitda) for FY26, while is projecting a 10% revenue growth, with a focus on expanding third-party cargo. Singhvi said: "For FY26, we are expecting over 10% revenue growth." Growth will primarily come from third-party cargo because of past investments in capacity expansion."Ebitda margins are expected to remain stable over the next 1-2 years," Singhvi added, with port sector margins holding steady at 52-53%, while logistics margins are expected to improve from 11-12% to 15-16%.It is also targeting a 75% capacity utilization by the end of FY26, up from 66% currently. The company plans to expand its container cargo capacity, with Mangalore's capacity doubling from 200,000 TEUs to 400,000 TEUs, while new projects like Murbe terminal will boost presence in the container segment.Shipbuilding PlansA day after the budget's push for shipbuilding, JSW Infra is "studying the potential to enter the segment." The company, which owns 18 ships from China, Korea, and Bangladesh, said, "We want ships to be constructed in India as well... we are at the discussion stage."