J B Maxi has recently signed an ultimate agreement with Allcargo Logistics to acquire the project forwarding and logistics business of the company. It has also made a binding offer to Lift and Shift India, to buy the heavy and over-dimension cargo logistics business model of the company. Subject to the execution of the ultimate agreement for the transfer of business between both the parties, the offer has been accepted by Lift and Shift. Both the transactions are subject to execution and the companies are expecting it in the upcoming weeks. After the successful completion of the agreement, both the companies will merge into J M Baxi Heavy, which is an absolutely owned subsidiary of J M Baxi ports and Logistics company.
The completion will help J M Baxi to add the specialization in engineered logistics services that Lift and Shift Logistics will bring with it. These services are helpful for the growing category of heavy lifting and shifting and other multimodal transportation in the logistics industry, serving different sectors like hydrocarbon, petrochemicals, fertilizers, power generation, large scale manufacturing, renewable energy, civil construction and mainly the oil and gas industry in the coastal areas.
J B Maxi signed an ultimate agreement with Allcargo Logistics to acquire the project forwarding and logistics business.
Serving the over-dimensional and extremely heavy cargo logistics, both companies together, Lift & Shift and J M Baxi will have the largest fleet of speciality equipment. This will also help J B Maxi to reach out to a much wider customer network, create synergies in plan building and also improve the service proposition of the company, while also allowing to deploy equipment all over India. The logistics business and project forwarding of Allcargo will add value to the existing network of J M Baxi Heavy, while expanding the company’s presence in Africa and the sub-continent of India, as well as allowing a diverse network of clients in the logistics sector and Project forwarding.
Allcargo is known for its excellence in transportation and customised lifting, and now the company’s expertise in transportation for heavy dimension cargo and project forwarding will now strengthen the already existing network of J M Baxi Heavy in the particular segment. Managing Director of J M Baxi group, Dhruv Kotak has said that there are strong fundamentals of growth in the Indian economy and the acquisition has taken place at a time when there is inflation in the expenditure in many business sectors of the nation. The company has just started the cycle and the upcoming generation will see a bigger turn in the industry.
Headquartered in Mumbai, Allcargo Logistics is an Indian Logistics company.
The joint managing director of Allcargo Logistics, Adarsh Hegde also spoke about the deal saying that India as a nation is currently looking forward to bold business targets and achieving them needs strong infrastructure and development. Both J M Baxi and Allcargo are happy being partners with each other to make the deal successful and have proved their capabilities for the same as well. The partnership will be good for customers and the industry as it brings different businesses and capabilities together.
Director of Lift and Shift, Romil Parikh has also commented that the merger of their company with J M Baxi will unfold great potential for Lift and shift.