DP World has begun construction of the US$78m Free Trade Warehousing Zone (FTWZ) project at Jawaharlal Nehru Port (JNP).
The project is the second investment under the Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF).
DP World owns 65% of the joint venture, while NIIF owns 35%, which was set up with the aim to invest up to US$3bn in ports, logistics and related sectors across the country.
In 2018, DP World acquired a 90% stake in the multimodal logistics company, Continental Warehousing Corporation (Nhava Sheva) Ltd.
The Nhava Sheva Business Park is under development on 44 acres at JNP’s Special Economic Zone (SEZ) under a long-term concession of 60 years and is expected to be operational by 2020.
Its aim is to position India as a global trading hub and support the government’s ‘Make in India’ campaign, according to DP World.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “We are grateful for the opportunity to build the FTWZ in this strategic location.
“On this project we will leverage our more than 30 years of experience developing free zones and economic zones around the world, working closely with governments to create business-friendly environments.”
Through the FTWZ, DP World aims to offer global and domestic traders and manufacturers reliable and fast movement of cargo and an improvement in the effectiveness of the supply chain.
Sulayem added: “Our investment will contribute to the region’s economy by connecting business from our global network, creating domestic employment opportunities and enabling world trade.”
India’s honourable union minister for road transport highways and shipping, Shri Nitin Gadkari laid the ceremonial foundation stone.