Bain Capital eyeing 30% stake in JM Baxi Group’s International Cargo Terminals and Infrastructure: Report

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Private equity (PE) firm Bain Capital is in advanced talks to invest Rs 1,500 crore ($200 million) in the JM Baxi Group for 30 percent stake in subsidiary International Cargo Terminals and Infrastructure (ICTRIPL).

The JM Baxi Group meanwhile will use part of the funds to reduce debt and pump into expansion plans, sources told The Economic Times.

Moneycontrol could not independently verify the report.

The Group is due to repay Rs 500 crore debt raised from Piramal Finance in 2017 in FY23.

The talks with Bain come after negotiations with the Canada Pension Plan Investment Board in February fell through due to the COVID-19 pandemic. Sources added that "a bunch of PE and pension money managers had also been interested in investing in ICTRIPL."

As of now, group promoters and promoter entities hold the majority 64 percent stake in ICTRIPL, while the rest 36 percent is held by another group company Contfreight.

Bain Capital and JM Baxi Group did not respond to queries, as per the report.

ICTRIPL is the group's logistics, cargo and port operations arm. It handles it's own agri-logistics park at JNPT Port, a container freight station, container train operations, container terminals at Haldia, Kandla, Paradip and Visakhapatnam ports, and an inland container depot at Sonepat (Haryana).