Hapag-Lloyd has increased its stake in Indian ports and logistics group JM Baxi Ports and Logistics to 50%, confirming the move in its 2025 annual report, as tracked by analysts at Alphaliner.

The Hamburg-based group first acquired a 35% stake in Baxi in early 2023 from US private equity firm Bain Capital, subsequently raising it to 40% through a capital injection later that year. The latest increase comes alongside a structural reorganisation of Baxi’s business, with the Indian group carving out its container operations into a new entity, JM Baxi Container Holdings Private Limited.

Hapag-Lloyd holds 49% of the capital and voting rights in the new container holding company through its wholly owned subsidiary HL Terminal Holding BV, but exercises effective control through a majority of seats on the Board of Directors and will increase its stake to 51% of capital and voting rights in future. In the non-container business, Hapag-Lloyd holds a 49% stake. Baxi’s container terminal portfolio spans Kandla, Haldia, Visakhapatnam and Thoothukudi.

Last month, Hapag-Lloyd signed a series of agreements with the Indian government, setting out plans to deepen its presence in one of the fastest-growing shipping markets.

The Hamburg-based carrier said it has agreed three letters of intent with New Delhi covering vessel reflagging, ship recycling and port development.

The company aims to grow its India-related volumes to around 3m teu by 2030, as part of its broader strategy to expand in key emerging markets and strengthen its position in global container trades.