Liner shipping company Hapag-Lloyd acquires a substantial stake in one of India´s leading private terminal and inland transport service providers, J M Baxi Ports & Logistics Limited (JMBPL) from a Bain Capital Private Equity affiliate.
The company sealed a deal to acquire 35% of the business with the aim the investment to strengthen its presence in the marker of India. Furthermore, Hapag-Lloyd signed a binding agreement with JMBPL and its promoters, the Kotak family, to subscribe to a capital increase by the company and raise Hapag-Lloyd’s shareholding to 40 %. Financial details of the deal have not been disclosed by the contracting parties.
As Hapag-Lloyd mentions, the transactions are subject to approval by the relevant authorities, and to additional conditions customary for a transaction of this kind.
J M Baxi Ports & Logistics Limited is a private terminal and 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. The company handles a combined container volume of approximately 1.6 million TEU. J M Baxi Ports & Logistics Limited recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin.
“Terminal and infrastructure investments are a crucial element of our strategic agenda and India is one of our key growth markets. 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,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.
Hapag-Lloyd most recently sealed an agreement to acquire the terminal business of Chile-based SM SAAM. Hapag-Lloyd also has stakes in the Italy-based Spinelli Group, the JadeWeserPort in Wilhelmshaven, the Container Terminal Altenwerder in Hamburg, Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction.