Hapag-Lloyd announced that it successfully completed its acquisition of 40% shareholding in India's J M Baxi Ports & Logistics Limited (JMBPL) previously approved by the relevant antitrust authority.
In a statement, the shipping giant said that in January 2023, it had made an agreement to this effect with an affiliate of Bain Capital Private Equity, which held a 35% stake in JMBPL, and the Kotak family, which holds a majority of the shares of JMBPL.
India expansion with J M Baxi Ports acquisition
In driving its Strategy 2023, Hapag-Lloyd noted that it has continuously expanded its involvement in the terminal sector, inter alliance through an agreement to acquire the terminal business of Chile-based SM SAAM.
In addition, Hapag-Lloyd also 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,"
Hapag-Lloyd noted that despite closing the acquisition, the contracting parties agreed not to disclose any financial details of the deal.
Hapag-Lloyd earlier said the acquisition would strengthen the shipping giant's presence in key strategic growth markets in India.
J M Baxi Ports & Logistics Limited is a private terminal and inland transport service provider in India. Its 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.
Hapag-Lloyd noted that J M Baxi Ports & Logistics Limited recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin.
Rolf Habben Jansen, CEO of Hapag-Lloyd, earlier said that terminal and infrastructure investments are a "crucial element" of the company's strategic agenda, and "India is one of our key growth markets."
