DP World has completed a 90% purchase of Indian multimodal logistics company Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL).
The purchase, initially agreed in principle March 2018, is the first for Hindustan Infralog Private Limited (HIPL), a joint DP World and National Investment and Infrastructure Fund (NIIF) US$3 billion investment vehicle created in January 2018 for logistics sector funding.
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CWCNSL’s founders, the Reddy family, will retain the remaining 10% stake and will remain involved in business operations.
Speaking about the deal, Sultan Ahmed Bin Sulayem, DP World CEO said: “We’re 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.”