Cargo Breaking News
Hindustan Infralog (HIPL), a joint venture between DP World and National Investment and Infrastructure Fund (NIIF), has won the bid to develop and operate the Free Trade Warehousing Zone (FTWZ) at India’s largest container gateway – Jawaharlal Nehru Port Trust (JNPT) for $78 million. The facility is expected to be operational by 2020. HIPL is the recently-created investment vehicle between DP World and NIIF to invest up to $3 billion in ports, logistics and related sectors across the country. This is the second investment for HIPL following the acquisition of a 90 per cent stake in multi-modal logistics company Continental Warehousing Corporation (Nhava Sheva). The FTWZ comes with a long-term concession of 60 years and will be developed across 18 hectares at JNPT’s Special Economic Zone (SEZ).
JNPT is a key gateway hub handling approximately five million TEUs per annum, which equates to 33 per cent of India’s container traffic. FTWZ’s strategic proximity to the port, the upcoming Navi Mumbai International Airport, and the western dedicated freight corridor give it direct access to global and domestic markets. Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said, “DP World has a proven track record in developing trade zones, and HIPL will aim to leverage on our global expertise to build this much-needed capacity to support India’s fast-growing export-import trade.”
(Source: PTI)
