NSBP, a special purpose vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ
BS Reporter |
Last Updated at July 29, 2020 22:21 IST
DP World and National Investment & Infrastructure Fund’s (NIIF) joint venture Hindustan Infralog Private Limited (HIPL) has announced an investment of Rs 1,000 crore in developing its Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in Mumbai.
NSBP, a special purpose vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ. The company signed a lease agreement on Wednesday with JNPT for the project. The FTZ is on a long-term Lease of 60 years, and is located 5 km away from JNPT.
Its strategic proximity to the port, the upcoming Navi Mumbai International Airport, Western Dedicated Freight Corridor and National Highways – provides a quick and direct access to domestic and global markets. It will offer long-term advantages to domestic as well as global traders and manufacturers, by enabling reliable and fast movement of cargo, said a company statement.
The facility will be equipped with state-of-the-art infrastructure like specialised multi-product and temperature-controlled warehouses, and a container yard with ultra-modern digital & security systems. It will offer round-the-clock customs clearance and value-added services to provide customers a one-stop solution for all their consumption and trading needs. The Free Trade Zone will be ready towards the end of 2021.
Rizwan Soomar, CEO & MD, DP World Subcontinent, said, “This investment reinforces DP World’s strategy and commitment to India, and strengthens our integrated logistics portfolio in the country. Alongside DP World’s global network of ports & terminals and inland logistics infrastructure in the region, the FTZ will provide a seamless experience for both domestic and international customers.”
Soomar said the FTZ would contribute in establishing India as a major trade and manufacturing hub, and support the government’s ‘Atmanirbhar Bharat’ programme. “With its strategic location, the FTZ will help position India as a prime hub for exports to neighbouring countries, and provide a huge fillip to the manufacturing sector in the country,” he said.
“This unique public-private partnership project with Jawaharlal Nehru Port Trust (JNPT) significantly enhances the value proposition of logistics sector in India. It will enable domestic companies to dovetail world-class logistics facilities with an established ports ecosystem offered by JNPT to support the continued growth of trade and manufacturing sectors which are crucial for the Indian economy. This investment exemplifies NIIF’s ability to channelize international capital and expertise from partners of high repute to enable primary capital formation in the Indian infrastructure sector,” said Vinod Giri, Managing Partner, National Investment & Infrastructure Fund.
The Rs 1,000 crore DP World FTZ investment comes through the Hindustan Infralog Private Limited (HIPL) joint venture between DP World (65%) and the National Investment & Infrastructure Fund (NIIF) (35%). This venture has been created to invest up to $3 billion in ports, logistics and related sectors across the country.
The project is aimed at boosting trade, especially in sectors like electronics, IT, telecom, pharmaceuticals, chemicals & petrochemicals, machinery, agriculture and food, and metals.