Port Wings News Network:
DP World and India’s NIIF announce the creation of an investment platform to invest in ports, terminals, transportation and logistics businesses in India. The platform will invest up to US$ 3 billion of equity to acquire assets and develop projects in the sector.
The partnership follows the Memorandum of Understanding (MoU) signed in May 2017 and the visit to India of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, in February 2016. The platform will also look at opportunities beyond sea ports such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals, and logistics infrastructure including cold storage.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “DP World has been a part of India’s growth story for nearly two decades and we are delighted to continue our success by joining forces with a strong strategic partner, the National Investment and Infrastructure Fund (NIIF). We believe that our expertise in building best-in-class logistics infrastructure together with the NIIF’s local knowledge and government partnership is the right combination for significant growth opportunities in India. We are proud to partner with NIIF and share our expertise and experience in these areas and the global supply chain to provide cost effective logistics and warehousing solutions to India’s growing economy and trade.”
Sujoy Bose, CEO, National Investment and Infrastructure Fund, said: “Efficient logistics and cargo movement are critical components for the continued growth and development of the Indian economy, and particularly the manufacturing sector. We are delighted to partner with DP World to create a platform which will aim to reduce the cost of moving cargo between port and origin/destination. This is NIIF’s first investment and is a good example of how NIIF can work with international capital and expertise to invest at scale to build critical infrastructure in India.”