Dubai port operator inks $3 bn investment deal with Indian fund

DP World, which operates 78 marine and inland terminals around the world, has established a strong presence in India. (File Photo: AP)

Dubai-owned mammoth port operator DP World has formed a $3-billion joint investment platform with India's government-backed National Investment and Infrastructure Fund, a statement said on Monday.

The platform will invest in ports, terminals, transportation and logistics businesses in India by acquiring assets and developing projects, the statement said, without giving a time frame.

It will also look at opportunities beyond sea ports, such as inland river ports and transportation, freight corridors and container terminals.

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DP World, which operates 78 marine and inland terminals around the world, has established a strong presence in India for the past two decades, supporting a third of India's container trade.

The company shipped some 65 million TEU (20-foot equivalent containers) globally in 2016 but has the capacity to handle 85 million.

Anchored by the government of India, and in partnership with domestic and foreign investors, NIIF is a fund manager for infrastructure investments.

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Last Update: Wednesday, 20 May 2020 KSA 09:56 - GMT 06:56
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