J M Baxi Heavy Private Limited has signed a definitive agreement to acquire Allcargo Logistics Limited's Project Forwarding & Logistics Business. It has also provided a binding offer to Lift and Shift India Private Limited (Lift and Shift), to acquire its heavy and over-dimension cargo logistics business. On completion, both businesses will merge into J M Baxi Heavy Pvt. Ltd., a wholly owned subsidiary of J M Baxi Ports & Logistics Limited.
Lift and Shift has accepted the binding offer, which is subject to the execution of a definitive agreement for the business transfer between the parties. Both transactions are subject to completion, which is expected in the coming weeks. On completion, both businesses will merge into J M Baxi Heavy Pvt. Ltd., a wholly owned subsidiary of J M Baxi Ports & Logistics Limited.
Dhruv Kotak, Managing Director, J M Baxi Group said, “The acquisition of the two business divisions of Allcargo and Lift & Shift will add immense value, weave in synergies with the current line of business at J M Baxi Heavy and expand opportunities for the organization to be present in high growth categories. Through this, we will be able to cater to our customers across the infrastructure space in the Indian and African sub-continents. The acquisitions will further strengthen, JM Baxi’s strategy for long term growth and enable us to continue being an active participant in the Indian growth narrative.”
Adarsh Hegde, Joint Managing Director, Allcargo Logistics, said, “At Allcargo, this exit is aligned with our strategy to focus on Allcargo Group’s core business.”
Romil Parikh, Director, Lift & Shift, added: “The merger of our company into the J M Baxi fold has exciting potential for us. There is a strong demand for end-to-end solutions and with the largest specialised equipment fleet on the subcontinent coupled with J M Baxi's terminal infrastructure we are confident that we will be able to add tremendous value to our clients."
