Home / Business / Dubai Port’s World US$78 million Mumbai project greenlighted

Dubai Port’s World US$78 million Mumbai project greenlighted

Hindustan Infralog Private Limited, HIPL, a joint venture between DP World (65%) and the National Investment and Infrastructure Fund, NIIF, (35%), has won the bid to develop and operate the Free Trade Warehousing Zone at India’s largest container gateway – Jawaharlal Nehru Port Trust, JNPT, for US$78 million.
Hindustan Infralog Private is the recently created investment vehicle between DP World and National
Investment Fund to invest up to US$3 billion in ports, logistics and related sectors across the country.
This is the second investment for HIPL; following the acquisition of a 90 percent stake in multi modal
logistics company Continental Warehousing Corporation (Nhava Sheva) Ltd.
The Free Trade Warehousing Zone comes with a long­ term concession of 60 years and will be developed across 18 hectares at JNPT’s Special Economic Zone.
Commenting on the concession, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World,
said, “We are delighted to have won this long­term concession to develop the Free Trade Warehousing
Zone in such a strategic location. DP World has a proven track­record in developing trade­zones and
HIPL will aim to leverage on our global expertise to build out this much needed­capacity to support
India’s fast­ growing export ­import trade.”
JNPT is a key gateway hub handling approximately 5mn TEU’s per annum which equates to 33 percent of the India’s container traffic.
The Free Trade Warehousing Zone’s strategic proximity to the port and the upcoming Navi Mumbai
International Airport and western dedicated freight corridor, gives it direct access to global and domestic markets. This will offer long ­term advantages to domestic/global traders and manufacturers by facilitating a reliable and swift flow of cargo and improving effectiveness of the supply chain.
Importantly, it will position India as a global trading hub and further support the government’s ‘Make in India’ campaign. The facility is expected to be operational by 2020.
“Furthermore, this asset strongly complements our port terminals in JNPT and our newly acquired inland Continental ­Warehousing­ Corporation business. Once operational, we will be able to offer a complete compelling one ­stop solution to our customers. This investment is consistent with DP World’s strategy of extending its core business into other port­ related, maritime, transportation and logistics sectors with the objective of diversifying revenues and enhancing returns,” bin Sulayem concluded.

 

Source: WAM

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