DP World’s $136.7m Free Trade Zone In India Construction Begins
<span style="font-weight: 400;">Construction works have commenced on Dubai-headquartered DP World’s Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in India’s Mumbai, with the project being carried out at an investment of $136.7m.</span> <span style="font-weight: 400;">The DP World FTZ inv
Published -
Jan 21, 2021 4:41 AM
Construction works have commenced on Dubai-headquartered DP World’s Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in India’s Mumbai, with the project being carried out at an investment of $136.7m. The DP World FTZ investment comes under the Hindustan Infralog Private Limited (HIPL) joint venture between DP World and the National Investment & Infrastructure Fund (NIIF), where the DP World owns 65% and NIIF owns 35%. According to DP World, the JV has been created to invest about $3bn in ports, logistics, and related sectors across the country. In July 2020, DP World inked a lease agreement for 60 years for NSBP; and upon acquiring all permissions and approvals, it commenced construction activities in full swing. Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) is a gold rated facility featuring 92,903m2 in storage area with other cargo handling facilities, modern equipment, commercial building. Construction of the facility will be completed in 12 to 14 months. The facility will be home to multi-product and temperature-controlled warehouses, and a container yard with ultra-modern digital and security systems. “Despite various challenges and tough business environment posed by COVID-19, we have been successful in achieving this key milestone. This reinforces DP World’s commitment to India and strengthens our integrated logistics portfolio in the country,” said Rizwan Soomar, CEO and MD, Subcontinent, DP World.
Tags : INTERNATIONAL construction India DP World