The Competition Commission of India (CCI) approves the acquisition of shareholding of JM Baxi Ports and Logistics Limited by HL Terminal Holding B.V., a wholly owned subsidiary of Hapag Lloyd Aktiengesellschaft.
The proposed combination pertains to acquisition by HL Terminal Holding B.V. (Acquiring Entity) of certain shareholding of JM Baxi Ports and Logistics Private Limited (Target) (Proposed Combination).
The Acquiring Entity, is a newly incorporated entity, intended to serve as a strategic / investment holding company for the port terminal business of Hapag Lloyd Aktiengesellschaft (HLAG). HLAG is the parent company of the Acquirer Group. Headquartered in Germany, the Acquirer Group is an international group of companies active in the maritime sector, offering global transport services for containerized cargo (i.e., deep-sea and short-sea container shipping services for the transport of both reefer and dry cargo) under the Hapag-Lloyd AG brand.
The Target is a private terminal and inland transport service provider in India. Its operations comprise providing container terminal services (CTS), operating a multipurpose terminal, inland container depots, container freight stations and additional logistics activities, such as rail transport services across India.
Detailed order of the CCI will follow.