Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), has announced the acquisition of a 76 percent stake in an Indian logistics operator.
The stake in KRIBHCO Infrastructure Limited (KRIL) was acquired through its 90 percent owned subsidiary, Continental Warehousing Corporation (Nhava Seva) Limited (CWCNSL).
KRIBHCO (Krishak Bharati Cooperative) Limited, will continue to retain the remaining 24 percent shareholding, a statement said.
KRIL was founded in 2009 and operates three major inland container depots/private freight terminals at Pali, Haryana; Modinagar, Uttar Pradesh and Hazira, Gujarat and has container train operations with a pan India outreach.
With the acquisition of KRIL, HIPL said it will emerge as one of the leading integrated rail terminal and container train operators in India with an enhanced network to provide door-to-door connectivity to cargo owners.
It will also augment DP World’s existing business in terms of the business model and geographic footprint, offering an integrated portfolio to the entire logistics value chain.
Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said: “We are delighted to announce the acquisition... It enables the DP World Group to become a significant operator in the fast-growing inland logistics market.
"In India, we have made strong progress in building an integrated logistics platform which can deliver a competitive solution to cargo owners and we aim to continue adding scale to our offering to deliver greater efficiencies and value to the trade.”
Chandra Pal Singh, chairman, KRIBHCO, added: "We believe the strategic partnership with Continental Warehousing Corporation will enable KRIL’s assets to improve efficiencies, offer a compelling value-add solution to customers and deliver long-term value for all stakeholders.”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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