Global port operator DP World has said its joint venture with the National Investment and Infrastructure Fund (NIIF), HIPL, has acquired Continental Warehousing Corporation.
"Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and NIIF, is pleased to announce that the transaction to acquire 90 per cent stake in Continental Warehousing Corporation (Nhava Seva) Ltd in India has now closed," DP World said in a statement.
It is the first investment of HIPL, the recently created investment vehicle between DP World and NIIF to invest up to USD 3 billion in ports, logistics and related sectors.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said, "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.
In India, DP World has been operating container port terminals since 1997 and was instrumental in building the first Private-Public Partnership (PPP) project for the Government of India.
DP World is currently present at six locations in India with over 6 million TEU (twenty foot equivalent unit) of gross
capacity and also operates container trains connecting ports to the hinterland.
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