The government is exploring an initial public offering for the country’s largest container port, managed by the Jawaharlal Nehru Port Authority, and has engaged state-backed investment banks to initiate the regulatory processes for the share sale, two people aware of the matter told Mint.
The process remains in the earliest stages, with no valuation discussions yet and no timeline set, the people said, who asked not to be identified because the talks are private. The focus is on preparing JNPA for the compliance and reporting standards required of a publicly listed organization—this is something that is needed before pricing or deal structuring can commence.
“The process is in the preliminary stages and involves multiple layers of departmental approvals,” said one of the people, who asked not to be identified because the discussions are private. “Government mandates of this nature follow a specific trajectory that requires consistent oversight to move from the initial engagement to a formal filing.”
“No discussions on valuations have occurred at this stage,” the second person said. “The current phase involves hand-holding the authority through the compliance and reporting standards required for a public listing.”
JNPA’s IPO will need the approval of the ports ministry and then the port authority.
A successful listing would mark only the second time a state-owned Indian port has prepared to go for a public listing, following Kamarajar Port’s in-principle approval from the ministry of ports, shipping and waterways this year. JNPA handled 54% of the country’s container traffic across major ports in FY25 and reported a 52% jump in net profit to ₹2,053 crore on revenue of ₹3,262 crore, financials that could draw significant institutional appetite.
From trust to terminal
The proposed offering is part of the National Monetisation Pipeline, a government strategy to raise capital from existing infrastructure for new public investment. The government owns 100% of JNPA, and its 2021 conversion from a trust to an authority under the Major Port Authorities Act has paved the way for an equity listing.
JNPA, located on the eastern shores of the Arabian Sea near Mumbai, commenced operations in 1989. It operates five dedicated container terminals, two liquid cargo terminals, and one multi-purpose container terminal at the JN port.
Under its landlord port model, the authority maintains land ownership and provides marine services, while private companies manage terminal operations through long-term concessions. Current operators include DP World, PSA International, APM Terminals, and a joint venture between J M Baxi Group and CMA Terminals.
The port in FY25 handled 92.12 million tonnes of total cargo, an increase of 7.3% as compared to the previous year. In FY26, JNPA’s handled cargo capacity climbed to 102.01 MT.
While JNPA’s operating figures mark a peak for the authority, the port continues to trail its primary private-sector rival, Adani Ports’ flagship operation at Mundra Port, which handled over 192 MMT of total cargo in FY26—nearly double JNPA’s volume.
The IPO discussion came up after the port reached a certain scale in its operations, but the offering timeline remains flexible as dealmakers navigate the administrative requirements of a state-led mandate, the aforementioned person said.
Emails sent to representatives of the ministries of ports and finance, and JNPA on Saturday did not elicit responses till press time.
The JNPA, for fiscal 2025, had total assets worth ₹23,149 crore while current liabilities came up to ₹8,346 crore. The Authority had reserves and surplus of ₹14,613 crore.
The proposed share sale is part of a broader disinvestment strategy aimed at meeting fiscal targets. While the government has successfully listed other transport-related entities, such as the Container Corporation of India, the listing of primary ports is a less frequent strategy.
Wave of growth ahead
Container volumes at Indian ports will remain susceptible to geopolitical tensions and container availability, even as the segment witnessed healthy 11% YoY growth in FY2025, an Icra report from November 2025 said.
“New projects are also being awarded in line with the development envisioned in Maritime Vision 2030. Significantly, large capex has been planned for the next decade to augment port capacity and infrastructure,” the report read.
Icra also expects project execution to pick up pace, going forward. “Aggressive capacity additions may lead to supply-demand mismatches in a few clusters, leading to increased competition and pricing pressure for ports in those clusters.”