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DUBAI / WAM
Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and National Investment and Infrastructure Fund (NIIF) announced that the transaction to acquire 90 percent stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL), in India has now closed.
CWCNSL’s founders, the Reddy family, will retain the remaining 10 percent shareholding and will remain involved in the business operations. It is the first investment of HIPL, the recently created investment vehicle between DP World and NIIF to invest up to US$3 billion in ports, logistics and related sectors.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said, “We are pleased to announce the completion of this acquisition and look forward to beginning this new growth journey, enabling India’s great commerce and trade potential. We will continue our efforts to grow into complementary sectors of the global supply chain and look for opportunities where our customers want us to be.”
CWCNSL was founded in 1997 and is a leading integrated multimodal logistics provider of warehousing, container freight stations, inland container depots, private freight terminals and integrated logistics solutions. CWCNSL’s logistics network is spread across key strategic locations in India covering a total area of over 400 acres and providing over 660k TEU (twenty-foot equivalent units) capacity.
CWCNSL’s wholly owned subsidiary, Delex Cargo India Private Ltd, provides door-to-door logistics solutions including freight forwarding, third party logistics, express logistics and hub-and-spoke model of delivery across 54 locations in 40 cities.