Hapag-Lloyd has completed its acquisition of 40 per cent shareholding in J M Baxi Ports & Logistics Limited (JMBPL) previously approved by the relevant antitrust authority.
In January, Hapag-Lloyd made an agreement to this effect with an affiliate of Bain Capital Private Equity, which held a 35 per cent stake in JMBPL, and the Kotak family, which holds a majority of the shares of JMBPL.
By acquiring the stake, the German carrier hopes to strengthen its presence in the growth market of India while expanding its terminal and infrastructure business at the same time.
The contracting parties agreed to not disclose any financial details of the deal.
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Hapag-Lloyd has recently expanded its involvement in the terminal sector.
Among the most notable acquisitions, the company signed a $1 billion agreement to take over Latin American terminal operator, SM SAAM S.A.
In addition, Hapag-Lloyd holds stakes in the Italy-based Spinelli Group, container terminal Wilhelmshaven, the container terminal Altenwerder in Hamburg, and Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction.
