Hindustan Infralog Private Limited (HIPL), a joint venture between DP World Ltd and India’s National Investment and Infrastructure Fund Ltd (NIIF) will invest ₹1,000 crore in developing its Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in Mumbai.
NSBP, a Special Purpose Vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ. It signed a 60-year lease on Tuesday with JNPT for the project. The FTZ is located 5 kms away from JNPT.
In September 2019, Hindustan Infralog quoted about ₹13 crore per acre (₹567 crore) to emerge the highest bidder for the 44-acre FTWZ.
The facility will have specialised multi-product and temperature-controlled warehouses, and a container yard with modern digital and security systems. It will offer round-the-clock Customs clearance and value-added services to provide customers a one-stop solution.
Ready next year-end
“The FTZ will be ready towards the end of 2021. This investment reinforces DP World’s strategy and commitment to India and strengthens our integrated logistics portfolio in the country,” Rizwan Soomar, CEO & MD, DP World Subcontinent, said.
“We believe that the FTZ will contribute in establishing India as a major trade and manufacturing hub and support the Government’s ‘Atmanirbhar Bharat’ programme. The FTZ will help position India as a prime hub for exports to neighbouring countries and provide a huge fillip to the manufacturing sector in the country,” he added.
“This project will enable domestic companies to dovetail world-class logistics facilities with an established ports ecosystem offered by JNPT,” Vinod Giri, Managing Partner, NIIF, said.
DP World holds 65 per cent stake in Hindustan Infralog and the balance equity is held by NIIF.
This venture has been created to invest up to $3 billion in ports, logistics and related sectors across the country.
Its strategic proximity – to the port, the upcoming Navi Mumbai International Airport, Western Dedicated Freight Corridor and National Highways – provides quick and direct access to domestic and global markets.
Source:- Business Line