India's National Investment and Infrastructure Fund (NIIF) will invest 22.5 billion Indian rupees ($300 million) for a 22.5 per cent stake in DP World's wholly owned subsidiary Hindustan Ports in a move that expands their existing partnership.
The transaction, which is also the NIIF Master Fund’s single largest investment, will boost the NIIF’s contribution under the partnership to about $500m, DP World said in a statement on Thursday.
The deal is expected to close by the first quarter of 2023 and is subject to customary completion conditions, it said.
“The broadening of our partnership with NIIF to include our flagship India ports platform is a natural extension of our existing relationship and aligns both parties to focus on delivering end-to-end supply chain solutions,” said Sultan bin Sulayem, group chairman and chief executive of DP World.
“The opportunity landscape in India remains significant and this transaction will allow us to accelerate investment across ports and logistics to drive returns for our respective stakeholders.”
Hindustan Ports operates five container terminals managing more than five million TEU (20-foot equivalent unit) of capacity and representing a national market share of more than 20 per cent, DP World said. Its terminals are located in Mumbai, Mundra, Chennai and Cochin.
The primary capital raised through the new deal will help the company fund new infrastructure development, drive supply chain efficiencies and support future growth initiatives, the statement said.
The investment will improve cargo connectivity, which will lead to lower costs and offer a better customer experience, DP World added.
The Dubai port operator and NIIF first set up a $3bn fund in 2018 to invest in India, as DP World sought to ramp up its investments in Asia’s third largest economy.
The platform will acquire and develop ports, terminals, transport and logistics assets in India, the companies said at the time.
“The deepening of our successful four-year partnership with DP World is a testament to the attractive opportunities in the Indian ports and logistics sector,” said Sujoy Bose, managing director and chief executive of NIIF.
“The investment will enable NIIF’s domestic and international investors to have a meaningful exposure in the sector.”
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
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The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
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