Friday, Apr 26, 2024 | Last Update : 12:44 AM IST
NIIF, DP World to invest $3bn in ports, logistics
In 2015, Cabinet had approved setting up a sort of sovereign fund NIIF for the development of infrastructure projects, including the stalled ones.
New Delhi: UAE-based marine and inland terminals operator DP World on Monday joined hands with the National Investment and Infrastructure Fund (NIIF) to create a platform for investing up to $3 billion in ports and logistics
The platform will invest in opportunities in the ports sector, and beyond sea ports into areas such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals, and logistics infrastructure including cold storage
“NIIF, set-up to function as a platform in India for attracting foreign investments, has made good progress. We are pleased to learn of NIIF’s first investment to create an investment platform in the ports and logistics sector. Following its first close in October 2017 on the fund-raising side, and now with its first investment, NIIF is making visible progress,” said economic affairs secretary Subhash Chandra Garg.
The partnership between DP World and NIIF follows the MoU signed in May 2017 and the visit to India of Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi, and DP World group chairman, Sultan Ahmed bin Sulayem, in February 2016.
In 2015, the Cabinet had approved setting up a sort of sovereign fund NIIF for the development of infrastructure projects, including the stalled ones.
NIIF was established with an aim to maximise “economic impact” mainly through infrastructure development in commercially viable projects, both green field and brown field, “including stalled projects”.
“Efficient logistics and cargo movement are critical components for the continued growth and development of the Indian economy, and particularly the manufacturing sector. We are delighted to partner with DP World to create a platform which will aim to reduce the cost of moving cargo between port and origin/destination. This is NIIF’s first investment and is a good example of how NIIF can work with international capital and expertise to invest at scale to build critical infrastructure in India,” said Sujoy Bose, CEO, National Investment and Infrastructure Fund.
