Hindustan Infralog, a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), said Thursday that it had completed its acquisition of a 76 per cent stake in KRIBHCO Infrastructure, an integrated multi-modal logistics operator in India.
The acquisition was made through its 90 per cent owned subsidiary, Continental Warehousing Corporation.
KRIBHCO will continue to retain the remaining 24 per cent shareholding, according to DP World.
KRIL was founded in 2009 and operates three major inland container depots, and private freight terminals at Pali, Haryana; Modinagar, Uttar Pradesh; and Hazira, Gujarat.
It has container train operations with a pan India outreach, according to a statement. KRIL has a strong presence in the National Capital Region (NCR), which is India’s largest import and export market with a population of over 46 million, including a terminal located on a notified double stack route.
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.
Sultan Ahmad Bin Sulayem, group chairman and CEO of DP World, said: “We are delighted to announce the acquisition of 76% stake in KRIBHCO Infrastructure Limited (KRIL), a rail logistics solutions provider, which is highly complementary to our earlier acquisition of Continental Warehousing Corporation. It enables the DP World Group to become a significant operator in the fast-growing inland logistics market.”