DP World JV with In­dian fund wins a $78m bid

The National - News - - BUSINESS -

Hin­dus­tan In­fra­log Pri­vate Lim­ited (HIPL), a joint ven­ture be­tween DP World and In­dia’s Na­tional In­vest­ment and In­fra­struc­ture Fund (NIIF), with 35 per cent, won the bid to de­velop and op­er­ate the Free Trade Ware­hous­ing Zone (FTWZ) at the sub­con­ti­nent’s largest con­tainer gate­way – Jawa­har­lal Nehru Port Trust – for $78 mil­lion. This is the sec­ond in­vest­ment for HIPL, fol­low­ing the ac­qui­si­tion of a 90 per cent stake in lo­gis­tics com­pany Con­ti­nen­tal Ware­hous­ing Cor­po­ra­tion (Nhava Sheva). The FTWZ comes with a con­ces­sion of 60 years and will be de­vel­oped across 18 hectares at port trust’s eco­nomic zone. JNPT is a key gate­way hub han­dling ap­prox­i­mately 5 mil­lion TEU con­tain­ers a year, 33 per cent of In­dia’s to­tal con­tainer traf­fic.

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