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July 1, 2022

India’s NIIF to acquire 22.5% stake in DP World’s HPPL for $300m

HPPL operates five container terminals in strategic locations, including Mumbai, Mundra, Chennai and Cochin.

India’s National Investment and Infrastructure Fund (NIIF) has agreed to purchase a 22.5% stake in DP World’s wholly owned subsidiary Hindustan Ports Private Limited (HPPL) for Rs22.5bn ($300m).

With the latest deal, the investment of Indian sovereign wealth fund NIIF under this partnership stands at nearly $500m.

A key container terminal platform in the country, HPPL runs five container terminals.

These terminals are located in strategic growth locations, including two in Mumbai and one each in Mundra, Chennai and Cochin.

With a national market share of more than 20%, the company manages a capacity of more than five million twenty-foot equivalent units (TEU).

DP World Group chairman and CEO Sultan Ahmed Bin Sulayem 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.

“Since the beginning of this partnership with NIIF, we have made significant progress in building an inland logistics infrastructure network of great scale that complements our container ports platform.”

Expected to be completed by the first quarter of next year, the deal awaits the completion of customary conditions.

This marks the single largest investment by the NIIF Master Fund and will help expand its existing alliance with Dubai-based port operator DP World, which was established through the formation of Hindustan Infralog Private Limited (HIPL) in 2018.

HIPL has invested in rail logistics, multi-modal logistics parks, container freight stations, economic zones, cold chain infrastructure and contract logistics to form an integrated logistics platform.

In January, DP World started construction of a $1.13bn deep-water port at Ndayane, Senegal.

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