GERMAN shipping giant Hapag-Lloyd has acquired a 40 per cent stake in India's JM Baxi Ports & Logistics Limited, the most recent in a series of investments in marine terminal operations, reports New York's Journal of Commerce.
The acquisition came in two separate deals. Hapag-Lloyd acquired a 35 per cent stake in JM Baxi from private equity firm Bain Capital and an additional five per cent stake through a share sale by JM Baxi's controlling shareholders, the Kotak family.
Bain originally acquired its stake in December 2020 for US$206 million, according to S&P Market Intelligence.
JM Baxi operates six container terminals across India with annual throughput of 1.6 million TEU, Hapag-Lloyd said. In addition, it operates inland ports, dry and bulk liquid terminals, and rail yards.
"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," said Hapag-Lloyd CEO Rolf Habben Jansen.
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