Global private equity firm Bain Capital is selling its stake in the Indian maritime logistics player JM Baxi Ports & Logistics (JMBL) to German shipping major Hapag-Lloyd.

The details of the financial transaction were not disclosed. However, media reports suggest Bain Capital is selling a 35% stake in the company to Hapag-Lloyd.

The Economic Times reported on Thursday that the deal size is $350-400 million, citing sources. The report added that Hapag-Lloyd has signed a binding agreement with JMBPL’s promoters, the Kotak family, to subscribe to a capital increase by the company that will raise Hapag-Lloyd’s shareholding to 40%.

Bain Capital had picked up a stake in JMBL two years ago to facilitate its port capacity and logistics unit, strengthen its financial profile, and deepen its workforce.

Since then, the company focused on expansion through four major concession wins, including operating container terminals in Nhava Sheva and Tuticorin, resulting in 170% growth in port capacity, it said in a statement.

It also claims to have built one of the largest over-dimensional cargo logistics units — meaning the cargo protrudes outside the loading deck of the vehicle transporting the same — in India.

JM Baxi is among the top five maritime and logistics firms in India.

“India is positioned to have a dramatic impact on global trade. Whether we do so will depend on how quickly we develop infrastructure and allied logistics services to integrate into global value chains,” Dhruv Kotak, managing director at JM Baxi Ports & Logistics, said in a statement. “Interface among ships, ports, and hinterland, is central to the creation of value. Bain Capital Private Equity has been a great investor of immense value to our growth strategy,” he added.