DUBAI: India’s National Investment and Infrastructure Fund has broadened its existing partnership with UAE’s DP World by investing around $300 million to acquire around 22.5 percent in Hindustan Ports Private Ltd., a wholly owned subsidiary of DP World, according to a statement.
“With this transaction, which is also the Master Fund’s single largest investment, NIIF’s investment under this partnership will reach around $500 million,” the companies said in a statement.
The statement added that the transaction is subjected to customary completion conditions, and is expected to close by the first quarter of 2023.
The latest investment from the NIIF Master Fund extends the already existing DP World and NIIF partnership, which was formed in 2018 through the creation of Hindustan Infralog Private Ltd.
HPPL is one of India’s leading container terminal platforms. It operates five container terminals managing more than five million twenty-foot equivalent units, also known as TEU, of capacity, representing a national market share of over 20 percent.
“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 Ahmed bin Sulayem, group chairman and CEO of DP World.
