Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), has acquired a 90 percent stake in Continental Warehousing Corporation (Nhava Seva) in India.
Founders, the Reddy family, will retain the remaining 10 percent shareholding and will remain involved in the business operations, a statement said.
It is the first investment of HIPL, the recently created investment vehicle between DP World and NIIF to invest up to $3 billion in ports, logistics and related sectors.
DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem, said: “We’re pleased to announce the completion of this acquisition and look forward to beginning this new growth journey, enabling India’s great commerce and trade potential. We will continue our efforts to grow into complementary sectors of the global supply chain and look for opportunities where our customers want us to be.”
CWCNSL was founded in 1997 and is a logistics provider of warehousing, container freight stations, inland container depots, private freight terminals and integrated logistics solutions. Its logistics network is spread across key locations in India covering a total area of over 400 acres and providing over 660k TEU (twenty-foot equivalent units) capacity.
In India, DP World has been operating container port terminals since 1997 and was instrumental in building the first private-public partnership project for the Government of India.
DP World is currently present at six locations in India with over 6 million TEU of gross capacity and also operates container trains connecting ports to the hinterland.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.
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