According to the company’s website news release on February 2, 2023, only recently the company has announced that Hapag-Lloyd signed a binding agreement under which Hapag-Lloyd will acquire 35 % of J M Baxi Ports & Logistics Limited (JMBPL) from a Bain Capital Private Equity affiliate and to subscribe to a capital increase by the company and raise Hapag-Lloyd’s shareholding to 40 %.
J M Baxi Ports & Logistics Limited is a leading private terminal and inland transport service provider in India. The 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 staff and handles a combined container volume of approximately 1.6 million TEU.
India is the world's fastest growing economy and a strategic growth market for Hapag-Lloyd. According to the International Monetary Fund, India is expected to grow by more than 6% annually in the coming years. India maintains diversified and balanced trade relations and around two-thirds of the population is expected to belong to the middle class by 2030. At the same time, India is expected to have the potential to become the world's third-largest economy in the next five to ten years.
“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.
Joining forces with J M Baxi Ports & Logistics will give us access to further terminal capacity and transport services in the Indian market. As a quality provider, this will enable us to offer the customers new products and even better services.
In driving the Strategy 2023, Hapag-Lloyd have continuously expanded the involvements in the terminal sector, most recently through an agreement to acquire the terminal business of Chile-based SM SAAM. Furthermore, Hapag-Lloyd also have 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 is subject to approval by the relevant authorities and to additional conditions customary for a transaction of this kind.
