DP World in JV launches work on ₹1,000-cr FTZ

DP World has started the construction work on its Nhava Sheva Business Park free trade zone (FTZ) in Navi Mumbai at an investment of ₹1,000 crore. The investment is being made under Hindustan Infralog Private Limited, a JV between DP World and National Investment & Infrastructure Fund with stake sharing deals of 65% and 35% respectively. The venture is created to invest up to $3 billion in ports, logistics and related sectors across the country. NSBP, a Special Purpose Vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ. The FTZ is on a long-term lease of 60 years and is located 5 km away from JNPT. The facility includes a 1 million sq.ft covered storage area with other cargo handling facilities, modern equipment, commercial building and will be completed in 12 to 14 months. It will be equipped with specialized multi-product and temperature-controlled warehouses, and a container yard with modern digital and security systems. It will offer round-the-clock customs clearance and value-added services to customers. Despite various challenges and tough business environments posed by COVID-19, the company has been successful in achieving the key milestone. Rizwan Soomar, CEO & MD Subcontinent of DP World, informed that this has reinforced DP World's commitment to India and strengthened its integrated logistics portfolio in the country.