German-headquartered Hapag-Lloyd has signed a binding agreement to acquire a 35% stake in India’s JM Baxi Ports & Logistics.
An additional agreement has been made for a capital increase, raising Hapag-Lloyd’s stake in the company to 40%.
JM Baxi has been providing logistics services in India for over 100 years, specialising in ports. The company operates ‘container terminals, a multi-purpose terminal, inland container depots, container freight stations, and additional logistics activities, such as rail service offerings across India’.
It has facilities around the country, including in key cities like Mumbai and Delhi, and offers services in heavy, bulk, and cold chain logistics.
JM Baxi Ports & Logistics claims to handle a combined container volume of 1.6 million TEU.
Hapag-Lloyd’s acquisition of a minority stake in this firm demonstrates the company’s strategy to expand its involvement in the terminal sector throughout the year. This follows its acquisition of Chilean terminal operator SM SAAM S.A. and investment in terminal projects and companies around the world, for example in Italy, Germany, Egypt, and Morocco.
Rolf Habben Jansen, Chief Executive of Hapag-Lloyd, explained: “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 JM 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.”
Finalisation of this agreement is subject to ‘approval by the relevant authorities’.
