Hapag-LLoyd on the trail of Vasco de Gama
Hapag-Lloyd strikes in India. The Hamburg-based carrier has signed an agreement to acquire 35% of the shares of J M Baxi Ports & Logistics Limited (JMBPL). Seller is a Bain Capital Private Equity affiliate.
In addition, Hapag-Lloyd agreed with JMBPL and its promoters, the Kotak family, to subscribe to a capital increase and raise Hapag-Lloyd’s shareholding to 40%. Financial details of the transactions were not disclosed.
J M Baxi Ports & Logistics Limited is a private terminal and inland transport player in India. The operations comprise container terminals, a multi-purpose terminal, inland container depots, container freight stations and logistics activities such as rail services in India.
The company employs around 5,400 staff and handles a combined container volume of approximately 1.6 million teu. J M Baxi recently won additional concessions for operating container terminals in Nhava Sheva and Tuticorin. The closing of the transactions is subject to approval by the relevant authorities. (sh)