Illustration: Ajay Mohanty
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Hapag-Lloyd To Buy 40% Stake In Container Terminal Firm JM Baxi Ports
Germany's Hapag-Lloyd has signed a binding agreement to acquire a 35 per cent stake in J M Baxi Ports & Logistics (JMBPL) from an affiliate of Bain Capital Private Equity for an undisclosed amount.
Hapag-Lloyd also signed an agreement with JMBPL and its promoters, the Kotak family, to subscribe to a capital increase by the company and raise its shareholding to 40 per cent.
JMBPL’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 people and handles a combined container volume of approximately 1.6 million TEU.
The company recently won additional concessions for operating container terminals in Nhava Sheva in Navi Mumbai and Tuticorin in Tamil Nadu.
“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 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,” said Rolf Habben Jansen, chief executive officer of Hapag-Lloyd.
Hapag-Lloyd is expanding in the terminal sector, recently buying the business of Chile-based SM SAAM. Hapag-Lloyd. It 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 under construction.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
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First Published: Thu, January 26 2023. 11:27 IST
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