Hamburg-based container shipping group, Hapag-Lloyd, has successfully completed its acquisition of a 40% shareholding in India’s J M Baxi Ports & Logistics Limited (JMBPL), a deal that had previously approved by the relevant antitrust authority. In January this year, Hapag-Lloyd had made an agreement to this effect with an affiliate of Bain Capital Private Equity, which held a 35% stake in JMBPL, and the Kotak family, which holds a majority of the shares of JMBPL.
By acquiring a stake in JMBPL, Hapag-Lloyd says it is strengthening its presence in the attractive growth market of India while expanding its terminal and infrastructure business at the same time. It follows a pattern of taking a strategic stake holding in container terminal operators that the German company has successfully pursued in other markets.
One of the main projects of the JM Baxi group is the Nhava Sheva Freeport Terminal, in partnership with CMA Terminals. This handled its first vessel earlier this year and is in the process of being extensively upgraded.