25 January 2023 (Lloyd's List) - HAPAG-LLOYD is continuing its expansion into the terminal business. The German shipping giant has signed a binding agreement to acquire a 35% stake in India-based J M Baxi Ports & Logistics Ltd, a private terminal and inland transport service provider, it said in a statement. It also signed a binding agreement with JMBPL and its promoters, the Kotak family, to subscribe to a capital increase, which will see Hapag-Lloyd’s share rise to 40%. Financial details of the deal were not disclosed. “Terminal and infrastructure investments are a crucial element of our strategic agenda and India is one of our key growth markets,” said Hapag-Lloyd chief executive Rolf Habben Jansen. “Acquiring a significant share in J M Baxi Ports & Logistics Ltd 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.” The agreement joins a series of acquisitions by the Hamburg-based containers line as part of its strategy to expand its involvement in the terminal sector. It recently signed an agreement to acquire the terminal business of Chile-based SAAM for $1bn, and purchased a 49% stake in Italian terminal operator Spinelli Group. It also has stakes in the Jade Weser Port in Wilhelmshaven, the Altenwerder container terminal in Hamburg, Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction, the company said. JMBPL’s operations include “container terminals, a multi-purpose terminal, inland container depots, container freight stations and additional logistics activities, such as rail service offerings across India”, according to the statement. The company handles a combined container volume of about 1.6m teu, and employs about 5,400 people. Hapag-Lloyd acquired the share from a Bain Capital Private Equity affiliate, the company said. The transaction is subject to regulatory approval.