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Hapag-Lloyd Acquires Minority Stake in India’s Leading Private Terminal Provider

Mike Schuler
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January 25, 2023

German container shipping company Hapag-Lloyd has acquired a 40% stake in India’s leading private terminal and inland transport service provider J M Baxi Ports & Logistics Limited.

Hapag-Lloyd AG signed the binding agreement on Wednesday. Under the terms, it will acquire 35 % of J M Baxi Ports & Logistics Limited (JMBPL) from a Bain Capital Private Equity affiliate. A second agreement signed by Hapag-Lloyd AG with JMBPL and its promoters, the Kotak family, subscribes Hapag-Lloyd to a capital increase raising its shareholding to 40%.

The financial details of the deal are not being disclosed.

J M Baxi Ports & Logistics Limited is a leading private terminal and inland transport service provider in India with 5,400 staff and annual container volumes of 1.6 million TEUs. 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 also recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin.

“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,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.

Hapag-Lloyd has been continuously expanding its involvement in the terminal sector under its Strategy 2023, 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 closing of the transactions are subject regulatory approval and customary closing conditions.

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