Global private equity firm Bain Capital said its affiliate has sold its stake in logistics company J M Baxi Ports & Logistics. The stake has been sold to a German shipping and container transportation company, Hapag-Lloyd. The details of the financial transaction have not been revealed yet.
The sale of the stake follows a two-year investment made by the Bain Capital Private Equity affiliate in JM Baxi. The investment was aimed at expanding JM Baxi's port capacity and logistics units, strengthening its financial profile and deepening its workforce.
Commenting on the sale of the stake, Dhruv Kotak the Managing Director of JM Baxi Ports & Logistics emphasised on India's role in global trade, and highlighted the centrality of creating interface among ships, ports, and hinterland.
"India is positioned to have a dramatic impact on global trade. Whether we do so will depend on how quickly we develop infrastructure and allied logistics services to integrate into global value chains. Interface among ships, ports, and hinterland, is central to the creation of value. Bain Capital Private Equity has been a great investor of immense value to our growth strategy. We are poised to move to the next level in our growth journey and welcome Hapag-Lloyd as our valued partner, and together we will set out our vision towards the new milestone,"Kotak said.