United States-based Bain Capital Private Equity has announced taking over 30% stake in Mumbai-based JM Baxi Group’s subsidiary unit- International Cargo Terminals and Infrastructure Pvt. Ltd. The financial terms of the deal have been around 1,500 crore rupees, which as per a reliable source, would be use for the cargo terminal’s expansion plans and also to pare the debt.
For the record, International Cargo Terminals and Infrastructure commands operations like handling terminals at Visakhapatnam, an inland container depot and multiple-user logistics facility at Sonepat, Haryana, a clean cargo terminal at the Paradip port, a captive jetty at Rozi port in the state of Gujarat for managing dry bulk cargo including fertilizer, and container freight stations at Jawaharlal Nehru and Vishakhapatnam ports.
Moreover, through its rail unit- International Cargo Terminals and Rail Infrastructure Pvt. Ltd., the firm holds a license from the Indian Railways to operate container trains from Mundra, JNPT, Chennai/Ennore, Pipavav, Kochi and Vizag ports to their vicinity for EXIM and local services across the country.
It would be essential to note that the International Cargo Terminals and Rail Infrastructure Pvt. Ltd. retains and operates about 13 container rakes linking the neighborhood with gateway ports, trade and commercial centers and offers logistics support for containerized cargo.
However, Bain Capital declined to comment on the recent deal which was closed by the end of December 2020. Besides, the team of International Cargo Terminals and Infrastructure was also not available to give any comments.
Speculations have it that JM Baxi was earlier said to be in discussions with global PE firms like IFC, Caisse de depot et placement du Quebec, Warburg Pincus, Multiples Private Equity, and a Canadian pension fund Canada Pension Plan Investment Board, mainly for the fund-raising purpose.