Bain exits India maritime logistics business to German strategic

The private equity firm invested in J.M. Baxi two years ago and claims to have helped expand its port capacity and logistics units, strengthen its financial profile despite macroeconomic and supply chain challenges, and grow its workforce. Indian media reported last year that the company was planning to raise around INR 25bn (USD 315m) through a domestic IPO.

Expansion came through four major concessions wins, including operating container terminals in Nhava Sheva in Mumbai and Tuticorin in Tamil Nadu. This led to 170% growth in port capacity. The company also built one of the largest over-dimensional cargo logistics units in India.

J.M. Baxi currently employs around 5,400 staff and handles a combined container volume of approximately 1.6m 20-foot equivalent units (TEU). Its operations comprise container terminals, a multi-purpose terminal, inland container depots, container freight stations, and other logistics offerings such as rail services.

Hapag-Lloyd has a fleet of 252 ships, more than 14,500 employees across 137 countries, and transports about 11.9m TEU per year. It generated EUR 22.3bn in revenue and EUR 9.1bn in profit for the 12 months ended December 2021.

“J.M. Baxi is among the top five maritime and logistics firms in India and has been at the forefront of several industry-leading initiatives in its journey of over 100 years. We are privileged to have invested and associated with the Kotak family and management, which has resulted in the company’s growth, balance sheet optimisation and innovation,” said Pawan Singh, a partner at Bain, in a statement.

Credit Suisse acted as the exclusive financial advisor to J.M. Baxi. Bain was advised by Credit Suisse and Kotak Investment Bank.

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