Dubai – Mubasher: Hindustan Infralog Private Limited, HIPL, a 65/35 joint venture between DP World and the National Investment and Infrastructure Fund, NIIF, has won a bid to build and operate the Free Trade Warehousing Zone in Mumbai, India.
The free zone is located at India’s largest container gateway, Jawaharlal Nehru Port Trust (JNPT), and it will cost $78 million, according to the Dubai-based ports operator’s statement on Wednesday.
HIPL is the recently created investment vehicle between DP World and National Investment Fund to invest $3 billion in ports, logistics and related sectors across India.
“DP World has a proven track record in developing trade-zones and HIPL will aim to leverage on our global expertise to build out this much needed-capacity to support India’s fast-growing export-import trade,” Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said.
The newly established zone will offer long-term advantages to domestic and global traders and manufacturers by facilitating a reliable and swift flow of cargo and improving the effectiveness of the supply chain.
Moreover, it will qualify the South Asian nation to be a global trade hub, in addition to supporting the Indian government’s “Make in India” campaign, the statement showed.
“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,” Sulayem added.
The new investment comes along with DP World’s strategy to expand its business into other port-related maritime, transportation and logistics sectors in an effort to diversify revenues and enhancing returns.
The new facility is expected to be operated by 2020.
