MUMBAI : J M Baxi Heavy Private Ltd. said it has agreed to acquire Allcargo Logistics Ltd.’s Project Forwarding & Logistics business for ₹98.64 crore.
J M Baxi has agreed to acquire units of two logistics companies for Rs. 200 crore, according to sources.
It is acquiring one of the units of logistics major Allcargo Logistics which carries out movement of heavy machinery such as plant and equipment across geographies. It is also acquiring a unit of Lift and Shift Private Limited that moves heavy equipment and components to locations where large infrastructure or manufacturing projects are being set up such as petrochemical plants.
J M Baxi’s Managing Director Dhruv Kotak confirmed the acquisitions when contacted but declined to divulge details about the financials because final agreements are yet to be executed.
“There is an upsurge in capital expenditure and we are just beginning to see the cycle turn. The next decade will see momentum in demand bolstered by the national infrastructure pipeline. These acquisitions will help us serve our infrastructure customers better”, Kotak said.
Both the units will get integrated in to J M Baxi Heavy Private Limited, a wholly owned subsidiary of J M Baxi Ports and Logistics which has plans to launch an initial public offering.
J M Baxi is one of the oldest shipping companies in India and operates container terminals, container freight stations and inland container depots. It also offers shipping agency services.