Hindustan Infralog Private, a joint venture between DP World and India’s National Investment and Infrastructure Fund, announced it has closed a deal to acquire a 90 per cent stake in Continental Warehousing Corporation.

Continental Warehousing’s founders, the Reddy family, will retain the remaining 10 per cent shareholding and will remain involved in business operations, DP World said in a statement on Wednesday.

The transaction marks the first investment of Hindustan Infralog Private, the recently-created investment vehicle that was set to invest up to $3 billion in ports, logistics, and related sectors.

“We will continue our efforts to grow into complementary sectors of the global supply chain and look for opportunities where our customers want us to be,” said Sultan Bin Sulayem, chairman and chief executive officer of DP World.

Continental Warehousing is a logistics provider or warehousing, container freight stations, inland container depots, private freight terminals, and logistics solutions. Its logistics network is across India and provides over 660,000 twenty-foot equivalent units of capacity. It also has wholly-owned unit called Delex Cargo India, which provides logistics solutions.

DP World currently has presence in six locations in India, and has been operating container port terminals there since 1997.