Port Wings News Network:
Global logistics company DP World has started construction of its Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in Mumbai.
The Rs 1000 Cr DP World FTZ investment comes under the Hindustan Infralog Private Limited (HIPL) joint venture between DP World (65%) and the National Investment & Infrastructure Fund (NIIF) (35%). This venture has been created to invest up to USD 3 billion in ports, logistics and related sectors across the country.
NSBP, a Special Purpose Vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ. The FTZ is on a long-term Lease of 60 years and is located 5 kms away from JNPT. After signing a Lease Agreement in July and successfully acquiring all permissions & approvals, the company has started construction in full swing.
The gold rated facility comprising of 1 million sq. ft covered storage area with other cargo handling facilities, modern equipment, commercial building, etc., will be completed in 12 to 14 months.
The facility will be equipped with state-of-the-art infrastructure like specialized multi-product and temperature-controlled warehouses, and a container yard with ultra-modern digital & security systems. It will offer round-the-clock customs clearance and value-added services to provide customers a one-stop solution for all their consumption and trading needs.
Its strategic proximity – to the largest container port in India, the upcoming Navi Mumbai International Airport and National Highways – provides quick and direct access to domestic and global markets. It will offer long-term advantages to domestic as well as global traders and manufacturers, by enabling reliable and fast movement of cargo.
Rizwan Soomar, CEO & MD, Subcontinent, DP World, said “We are delighted to build the Free Trade Zone in such a strategic location. We are extremely pleased with our project’s progress. Despite various challenges and tough business environment posed by COVID-19, we have been successful in achieving this key milestone. This reinforces DP World’s commitment to India and strengthens our integrated logistics portfolio in the country.
We are further committed to complete this project in a record time and have it operational towards the end of 2021. Our vision is to provide our customers with a world-class facility for their trading needs in India. With its strategic location, the FTZ will help position India as a prime hub for exports to neighbouring countries and provide a huge fillip to the manufacturing sector in the country.”
The project will help boost trade especially in sectors like electronics, IT, telecom, pharmaceuticals, chemicals & petrochemicals, machinery, agri & foods, and metals.