Container line Hapag-Lloyd has completed its acquisition of 40% shareholding in J M Baxi Ports & Logistics Limited (JMBPL) previously approved by antitrust authorities.
The acquisition deal was inked in January 2023 when Hapag-Lloyd had made an agreement with an affiliate of Bain Capital Private Equity, which held a 35% stake in JMBPL, and the Kotak family, which holds most of the shares of JMBPL.
“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 said.
The contracting parties agreed to not disclose any financial details of the deal. The move is part of Hapag-Lloyd’s Strategy 2023 of expanding its involvement in the terminal sector.
Hapag Lloyd recently also acquired the terminal business of Chile-based SAAM. It 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.
The German company is said to have started working on its strategy for 2030, expected to be completed in the upcoming few months.
