35% stake of JM Baxi Ports is acquired by Hapag-Lloyd AG

30 Jan 2023 CW Team

A 35% stake in JM Baxi Ports & Logistics (JMBPL) was acquired by German shipping giant Hapag- Lloyd AG from the current shareholder Bain Capital Private Equity. In addition, Hapag-Lloyd AG and JMBPL have entered into a legally binding agreement subscribe to a capital increase and raise Hapag- Lloyd鈥檚 stake in the company to 40%.

Those in the know estimated the deal鈥檚 value at roughly $350 million. The Kotak family owns 60.8% of JMBPL, and Bain Capital, which invested INR 13.17 billion in 2021, holds the remaining 39.2%. With operations encompassing container terminals, inland container depots, container freight stations, and additional logistics services across India, JM Baxi Ports & Logistics is a significant private terminal and inland transport service provider.

With a fleet of 252 modern container ships and a combined transport capacity of 1.8 million TEU, Hapag-Lloyd is one of the top liner shipping firms in the world. The company has about 400 offices across 137 countries worldwide with around 14,500 employees. Hapag-Lloyd has a 3 million TEU container capacity including one of the biggest and most advanced fleets of reefer containers.

Rolf Habben Jansen, CEO of Hapag-Lloyd, stated that 鈥淭erminal 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; it is another important step to build up our terminal and infrastructure business.鈥�

According to the statement, the conclusion of the transactions is subject to clearance by the competent authorities and other criteria typical for a transaction of this nature.

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