Dubai port operator inks $3 bn investment deal with Indian fund

DUBAI: Dubai-owned mammoth port operator DP World has formed a $3-billion joint investment platform with India’s government-backed National Investment and Infrastructure Fund, a statement said on Monday.

The platform will invest in ports, terminals, transportation and logistic businesses in India by acquiring assets and developing projects, the statement said, without giving a time frame.

It will also look at opportunities beyond sea ports, such as inland river ports and transportation, freight corridors and container terminals.

DP World, which operates 78 marine and inland terminals around the world, has established a strong presence in India for the past two decades, supporting a third of India’s container trade.

The company shipped some 65 million TEU (20-foot equivalent containers) globally in 2016 but has the capacity to handle 85 million.

Anchored by the government of India, and in partnership with domestic and foreign investors, NIIF is a fund manager for infrastructure investments.