HAPAG-LLOYD has agreed to acquire a share in India’s J M Baxi Ports & Logistics (JMBPL), a terminal and inland transport business.
Under an agreement signed on Wednesday (26 January), Hapag-Lloyd will acquire 35% of J M Baxi’s terminal and inland transport business.
Hapag-Lloyd said it has also agreed to subscribe to a capital increased by the company and raise the shareholding to 40%.
JMBPL’s operations comprise container terminals, a multi-purpose terminal, inland container depots, container freight stations and rail services in India.
According to Hapag-Lloyd, JMBPL handles a combined container volume of around 1.6 million TEU and employs around 5400 people.
Hapag-Lloyd CEO Rolf Habben Jansen said India is one of the shipping company’s key growth markets.
“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,” he said.
Hapag-Lloyd said the transaction is subject to approval from authorities and additional conditions customary for this kind of transaction.
It said the contracting parties have agreed not to disclose the financial details of the deal.
