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.
