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Hindustan Infralog, JV between DP World and the National Investment and Infrastructure Fund, said today that it has bought 90 per cent stake in logistics firm Continental Warehousing.
"Hindustan Infralog Private Limited (HIPL)... announces the acquisition of a 90 per cent stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL)," a press statement said.
The purchase consideration is below 5 per cent of DP World's net asset value as of FY2017 and it is the first investment of HIPL, it said.
HIPL is the recently created investment vehicle between DP World and NIIF to invest up to USD 3 billion in ports, logistics and related sectors.
CWCNSL's founders, the Reddy family, will retain the remaining 10 per cent shareholding and stay involved in the business operations.
"We are delighted to start our recent partnership with NIIF with this strategic acquisition to develop logistics and warehousing solutions to support India's growing economy and trade," DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said.
The strategic partnership with Hindustan Infralog and its parent DP World will have huge potential for logistics infrastructure in India and will enable CWCNSL to enhance its end-to-end value-added services to customers, CWCNSL founder Adi Keshav Reddy said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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