A joint deal of DP World and National Investment and Infrastructure Fund (NIIF) has got a to develop and operate the Free Trade Warehousing Zone (FTWZ) at India’s largest container gateway – Jawaharlal Nehru Port Trust (JNPT), Mumbai, India.
Hindustan Infralog Private Limited (HIPL), the JV between Dubai’s port and terminal operator (65%) and India’s fund manager (35%), is to construct Free Trade Warehousing Zone for USD 78 million. The facility is anticipated to be functional by 2020.
HIPL is the recently created investment vehicle between DP World and NIIF to spend up to USD 3 billion in ports, logistics and other linked sectors in India. This is the second investment for HIPL following the addition of a 90% stake in the multimodal logistics company Continental Warehousing Corporation (Nhava Sheva).
As informed, the Free Trade Warehousing Zone (FTWZ) comes with a long-term allowance of 60 years and will be established across 18 hectares at JNPT’s Special Economic Zone (SEZ). JNPT is a major gateway hub managing approximately 5 million TEU’s yearly which equates to 33% of India’s container traffic. The FTWZ’s strategic closeness to the port and the forthcoming Navi Mumbai International Airport and western committed freight corridor, gives it direct access to international and domestic markets, according to DP World and NIIF.
The objective of the project is to position India as a global trading hub and further promoting the government’s ‘Make in India’ campaign. It’s a highly elating feeling to have won this long-term concession to develop the Free Trade Warehousing Zone in such an important location.
This asset firmly complements our port terminals in JNPT and our newly accomplished inland Continental-Warehousing-Corporation business, said, Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World.