- Hapag-Lloyd acquires a substantial stake in a leading private terminal and inland transport service provider in India
- Investment will strengthen presence in the strategic growth market of India
Hapag-Lloyd today signed a share purchase agreement under which the company will acquire 35% of the shares in JM Baxi Ports & Logistics Limited (JMBPL) from a Bain Capital Private Equity company. In addition, Hapag-Lloyd has agreed with JMBPL - and the Kotak family as its owners - to underwrite a capital increase of the company and increase Hapag-Lloyd's stake to 40%. The contracting parties have agreed not to disclose the financial details of the transaction.
JM Baxi Ports & Logistics Limited is a leading private terminal and inland transport service provider in India. The company operates container terminals, a multi-purpose terminal, inland container depots, container freight stations and other logistic activities such as rail-based services throughout India. The company employs around 5,400 people and handles a container volume of around 1.6 million TEU. JM Baxi Ports & Logistics Limited has recently been awarded further concessions to operate container terminals at Nhava Sheva and Tuticorin.
“Terminal and infrastructure investments are a key part of our strategic agenda and India is one of our key growth markets. The acquisition of a substantial stake in JM Baxi Ports & Logistics Limited will significantly strengthen our presence in India with a renowned local partner - and is another important step in building our terminal and infrastructure business," said Rolf Habben Jansen, CEO of Hapag-Lloyd .
With the implementation of Strategy 2023, Hapag-Lloyd has further intensified its involvement in the terminal sector, most recently through an agreement to take over the terminal business of the Chilean SM SAAM. In addition, Hapag-Lloyd holds shares in the Italian Spinelli Group, in JadeWeserPort in Wilhelmshaven, in the Altenwerder container terminal in Hamburg, in Terminal TC3 in Tangier and in the new construction of Terminal 2 in Damietta, Egypt.
The completion of the transaction is subject to the approval of the relevant antitrust authorities and other conditions under which a transaction of this type takes place.