Dubai-based ports operator DP World and India's National Investment and Infrastructure Fund (NIIF), a quasi-sovereign wealth fund, said on Monday they had created a fund to invest up to $3 billion of equity in the transport and logistics sectors in India.
The money will target acquiring assets and developing projects in sea and river ports, freight corridors, special economic zones, inland container terminals, and logistics infrastructure such as cold storage, the two organisations said.
It follows NIIF in October signing a $1 billion investment deal with a unit of Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world.
DP World, which operates several ports in India, said in January last year it was partnering with Canadian pension fund manager Caisse de dépôt et placement du Québec to create an investment vehicle worth $3.7 billion that would invest in ports and terminals worldwide.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.