Port operator DP World, India's NIF to invest up to $3 bn in sea projects

National Investment and Infrastructure Fund will invest $3 bn of equity to develop river ports, freight corridors, special economic zones, inland container terminals

Dubai-based ports operator DP World and India's National Investment and Infrastructure Fund (NIF), a quasi-sovereign wealth fund, said on Monday they had created a fund to invest up to $3 billion of equity in the transport and logistics sectors in India.

The money will target acquiring assets and developing projects in sea and river ports, freight corridors, special economic zones, inland container terminals, and logistics infrastructure such as cold storage, the two organisations said.

It follows NIF in October signing a $1 billion investment deal with another United Arab Emirates-based player, a unit of Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world.

DP World, which operates several ports in India, said in January last year it was partnering with Canadian pension fund manager Caisse de dépôt et placement du Québec to create an investment vehicle worth $3.7 billion that would invest in ports and terminals worldwide.