Hapag-Lloyd today inked down a binding agreement acquiring 35 % of J M Baxi Ports & Logistics Limited (JMBPL) from a Bain Capital Private Equity affiliate. In addition to this, Hapag-Lloyd AG 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 %.
A leading private terminal and inland transport service provider in India, J M Baxi Ports & Logistics Limited’s 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 employs around 5,400 staff and 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,”Rolf Habben Jansen, CEO of Hapag-Lloyd
Hapag-Lloyd in driving its strategy in 2023 has continuously expanded its involvement in the terminal sector, most recently through 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.
The closing of the transactions is subject to approval by the relevant authorities and additional conditions customary for a transaction of this kind.