Hapag-Lloyd AG has signed a binding agreement under which it will acquire 35 per cent of J M Baxi Ports & Logistics Limited (JMBPL) from a Bain Capital Private Equity affiliate.
This signing took place on 25 January.
Hapag-Lloyd has also signed a binding agreement with JMBPL’s promoters, the Kotak family, to subscribe to a capital increase by the company and raise Hapag-Lloyd’s shareholding to 40 per cent.
The contracting parties agreed to not disclose any financial details of the deal.
J M Baxi Ports & Logistics Limited is a private terminal and an inland transport service provider in India.
The operations comprise container terminals, a multi-purpose terminal, inland container depots, container freight stations, and additional logistics activities, such as rail service offerings across India.
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The company employs around 5,400 staff and handles a combined container volume of approximately 1.6 million TEU.
J M Baxi Ports & Logistics recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin.
This acquisition comes as part of Hapag-Lloyd’s strategy to expand its involvement in the terminal sector, and it follows its recent commencement on building a new transshipment terminal in Damietta, Egypt.
They also finalised the acquisition of a minority stake in the Spinelli group earlier this month to increase their terminal presence.
“Acquiring a significant share in J M Baxi Ports & Logistics Limited will significantly boost our presence in India with a trusted local partner and it is another important step to build up our terminal and infrastructure business,” CEO of Hapag-Lloyd, Rolf Habben Jansen.
The closing of the transactions is subject to approval by the relevant authorities and to additional conditions customary for a transaction of this kind.
