German liner company Hapag-Lloyd has completed its acquisition of 40% shareholding in J M Baxi Ports & Logistics Limited (JMBPL) previously approved by the relevant antitrust authority.
The acquisition deal was inked in January 2023 when Hapag-Lloyd had made an agreement 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 is strengthening its presence in the attractive growth market of India while expanding its terminal and infrastructure business at the same time, ” the company said. The contracting parties agreed to not disclose any financial details of the deal.
The move is part of Hapag-Lloyd’s Strategy 2023 which has seen the company expand its involvement in the terminal sector which recently also saw the acquisition of the terminal business of Chile-based SM SAAM.
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Hapag-Lloyd holds stakes in the Italy-based Spinelli Group, Container Terminal Wilhelmshaven, the Container Terminal Altenwerder in Hamburg, Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction.
The German major has started work on its strategy for 2030, which is expected to be completed in the upcoming few months.
For the time being, the company doesn’t have major plans when it comes to ordering new ships. However, should the right opportunity arise, the shipowner is more likely to invest in smaller-capacity ships featuring alternative fuels.