DUBAI: DP World and India’s National Investment and Infrastructure Fund (NIIF) will form a joint platform to invest up to $3 billion (Dh11 billion) in India’s transportation sector.
The platform will focus on ports, terminals, transportation and logistics businesses, using equity to acquire and develop projects.
DP World, in a press statement issued on Monday, said opportunities beyond seaports could include projects such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure, including cold storage.
“DP World has been a part of India’s growth story for nearly two decades. 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 to take advantage of the 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,” Sultan Ahmad Bin Sulayem, DP World Group Chairman and CEO, said in a statement on Monday.
Sujoy Bose, CEO, National Investment and Infrastructure Fund, added: “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.”
BOX: EMAC explores DP World collaboration
DUBAI: Emirates Maritame Arbitration Centre (EMAC) urged DP World executives to adopt its model clause in contracts, according to a statement on Monday. The meeting is the first of a planned series EMAC intended to hold with leading maritime stakeholders in 2018. “We have great ambitions in the coming years and we are hopeful that through these conversations, we will not only add value to the maritime cluster, but also to the growth of the country’s economy,” Majid Obaid Bin Bashir, Acting Chairman and Secretary General of EMAC, said in a statement.
— Staff Report
