The Company has signed a definitive agreement to acquire Allcargo’s project forwarding and logistics business for £98.64 million and is making a firm offer to Lift & Shift India to acquire its heavy and oversized cargo logistics business
JM Baxi Heavy Private Ltd. announced that it had entered into a definitive agreement to acquire Allcargo Logistics Ltd.’s Project Forwarding & Logistics business. signed for ₹98.64 crore.
The company has lift & shift india private ltd. also submitted a binding offer to acquire its logistics business for heavy and oversized cargo.
“Lift & Shift has accepted the binding offer, which is subject to the signing of a definitive business transfer agreement between the parties,” JM Baxi Heavy said in a statement.
Both transactions are subject to closing, which is expected in the coming weeks. Upon completion, both companies will become JM Baxi Heavy Pvt. Ltd., a wholly owned subsidiary of JM Baxi Ports & Logistics Ltd.
Dhruv Kotak, MD, JM Baxi Group, said, “The acquisitions will further strengthen JM Baxi’s strategy for long-term growth and allow us to continue to be an active participant in India’s growth story.”
Adarsh Hegde, Joint Managing Director of Allcargo Logistics, said: “This exit is in line with our strategy to focus on the core business of Allcargo Group.”
Romil Parikh, Director of Lift & Shift, said: “There is a strong demand for end-to-end solutions and with the largest specialized fleet of equipment in the sub-continent coupled with JM Baxi’s terminal infrastructure, we are confident that in will be able to add tremendous value to our customers.”