DP World JV acquires majority stake in India firm | ZAWYA MENA Edition:
Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), has closed the transaction to acquire 90 per cent stake in Continental Warehousing Corporation (Nhava Seva) in India.
CWCNSL’s founders, the Reddy family, will retain the remaining 10 per cent shareholding and will remain involved in the business operations. It is the first investment of HIPL, the recently created investment vehicle between DP World and NIIF to invest up to $3 billion in ports, logistics and related sectors.
DP World Group chairman and CEO Sultan Ahmed Bin Sulayem said: “We’re pleased to announce the completion of this acquisition and look forward to beginning this new growth journey, enabling India’s great commerce and trade potential. 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.”
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