Hapag to buy 35% stake in J M Baxi
"Investment will strengthen presence in key strategic growth market India"
Hapag-Lloyd signed a binding agreement to acquire 35 percent of J M Baxi Ports & Logistics (JMBPL) from a Bain Capital Private Equity affiliate.
"Additionally, 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 percent. The contracting parties agreed to not disclose any financial details of the deal," says a release from Hapag.
J M Baxi is a leading private terminal and inland transport service provider in India, the release added. "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 employs around 5,400 staff and handles a combined container volume of approximately 1.6 million TEUs. J M Baxi Ports & Logistics Limited recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin."
Rolf Habben Jansen, CEO, Hapag-Lloyd says: “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."
In driving its Strategy 2023, Hapag-Lloyd 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 release added.