Hapag-Lloyd wraps up J M Baxi P&L share purchase
Hapag-Lloyd said it has completed its acquisition of 40 percent shareholding in J M Baxi Ports & Logistics Limited (JMBPL) previously approved by the relevant antitrust authority.
To remind, in January, the company made a deal with an affiliate of Bain Capital Private Equity, to buy its 35 per cent stake in JMBPL. Hapag-Lloyd also agreed with the Kotak family, which holds a majority of the shares of JMBPL, to up its share in J M Baxi Port & Logistics to 40 per cent. Neither party disclosed the financial details of the deal.
J M Baxi Ports & Logistics Limited is a major private terminal and inland transport service provider in India. The operations comprise container terminals, a multipurpose 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.
In driving its Strategy 2023, Hapag-Lloyd has continuously expanded its involvement in the terminal sector, inter alia through an agreement to acquire the terminal business of Chile-based SM SAAM. In addition, Hapag-Lloyd holds stakes in the Italy-based Spinelli Group, Container Terminal Wilhelmshaven, the Container Terminal Altenwerder in Hamburg, Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction. By acquiring a stake in JMBPL, Hapag-Lloyd is strengthening its presence in the attractive growth market of India while expanding its terminal and infrastructure business at the same time.