DP World to invest USD$1bn in India
DP World and India’s National Investment and Infrastructure Fund (NIIF) have signed a Memorandum of Understanding (MoU) to develop the logistics sector in India.
This news follows DP World’s previous announcement it would seek trade opportunities in the country worth over USD$1bn.
DP World confirmed it plans to invest the cash in developing the port infrastructure of the Sagarmala project, creation of the Delhi – Mumbai Industrial Corridor, river transportation and cold chain storage, and in port-led special economic zones, free trade zones, ICDs and cruise terminals.
DP World group chairman and CEO, Sultan Ahmed Bin Sulayem, said: “We have been a part of India's growth story for nearly two decades now and we are delighted to further strengthen this relationship with the National Investment and Infrastructure Fund (NIIF). The NIIF plays a crucial role in financing India's infrastructure and we welcome their approach to encouraging development in the sector.”
DP World, which has 78 operating marine and inland terminals across six continents, said the agreement was formed as result of a February 2016 visit to India by Sultan Bin Sulayem and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates.
Sultan Bin Sulayem added: “Both our organisations will work together in backing suitable projects. This will further develop Prime Minister Modi's ‘Make in India’ and ‘Invest India’ campaigns by encouraging foreign direct investment (FDI) and funding for landmark projects like Sagarmala and Bharatmala.”
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