Skip to content

Advising Hapag Lloyd on acquiring a stake in leading Indian terminal and logistics group J M Baxi Ports & Logistics

Allen & Overy has advised Hapag-Lloyd AG (Hapag-Lloyd) on acquiring a share in J M Baxi Ports & Logistics Limited (JMBPL). Hapag Lloyd will acquire 35% of JMBPL from a Bain Capital Private Equity affiliate. Additionally, Hapag-Lloyd has signed a binding agreement with JMBPL and its owner, the Kotak family, to subscribe to a capital increase by the company and raise Hapag-Lloyd’s shareholding to 40%.

It is one of the most significant investments ever by a German company in India. The contracting parties agreed not to disclose any financial details of the deal.
Hapag Lloyd is a leading listed global liner shipping company, which operates a fleet of 252 container ships and, with its almost 15,000 staff in around 140 countries, handled a transport volume in the order of 11.9 million TEU (standard containers) in FY 2022.

J M Baxi Ports & Logistics Limited is a leading private terminal and inland transport service provider in India. The company operates container terminals, a multi-purpose terminal, inland container depots, container freight stations and additional logistics activities, such as rail service offerings across India. The company employs around 5,400 staff and handles a container volume of approximately 1.6 million TEU.

Acquiring a significant share in J M Baxi Ports & Logistics Limited will significantly boost Hapag Lloyd's presence in India with a trusted local partner and is another important step in building the company's terminal and infrastructure business.

Closing of the transaction is subject to approval by the relevant authorities and to additional conditions customary for a transaction of this kind.

Last year, Allen & Overy advised Hapag-Lloyd on acquiring a stake in JadeWeserPort in Wilhelmshaven, Germany, on acquiring the liner shipping company Deutsche-Afrika-Linie and in relation to a joint venture for developing a container terminal in Damietta, Egypt. All these transactions reinforce Hapag Lloyd's strategic commitment to its container shipping and terminals business.

The Allen & Overy team was led by partners Dr Jonas Wittgens and Dr Helge Schäfer (both Corporate/M&A, Hamburg) and the London Corporate/M&A partner Harsh Pais, and also included senior associate Sam Brooks, associate Angela Da Costa (both London) and associate John Frederik Hillmann (all Corporate/M&A). Partner Dr Börries Ahrens and associate Dr Katharina Hillmer (both Antitrust, all Hamburg) advised on merger control.

Hapag-Lloyd was advised in house by Thomas Mansfeld (General Counsel), Dr Anne-Kathrin Drettmann (Head of Corporate Legal) and Dr Pascal Unger (Senior Legal Counsel).