Key enabler of global trade, DP World and National Investment & Infrastructure Fund (NIIF), India’s first-ever sovereign wealth fund’s joint venture Hindustan Infralog Private Limited (HIPL) has announced an investment of Rs 1000 crore in developing its Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in Mumbai.
NSBP, a Special Purpose Vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ. The company signed a lease agreement on July 29 with JNPT for the project.
The FTZ is on a long-term lease of 60 years, and is located 5 kms away from JNPT. Its strategic proximity– to the port, the upcoming Navi Mumbai International Airport, Western Dedicated Freight Corridor and National Highways – provides quick and direct access to domestic and global markets. It will offer long-term advantages to domestic as well as global traders and manufacturers, by enabling reliable and fast movement of cargo.
The facility will be equipped with state-of-the-art infrastructure like specialised multi-product and temperature-controlled warehouses, and a container yard with ultra-modern digital and security systems. It will offer round-the-clock customs clearance and value-added services to provide customers a one-stop solution for all their consumption and trading needs.
Rizwan Soomar, CEO & MD, DP World Subcontinent said, “The FTZ will be ready towards the end of 2021. Alongside DP World’s global network of ports & terminals and inland logistics infrastructure in the region, the FTZ will provide a seamless experience for both domestic and international customers.”
Vinod Giri, Managing Partner, National Investment & Infrastructure Fund said, “This project will enable domestic companies to dovetail world-class logistics facilities with an established ports ecosystem offered by JNPT to support the continued growth of trade and manufacturing sectors which are crucial for the Indian economy.”
“We believe that the FTZ will contribute in establishing India as a major trade and manufacturing hub, and support the Government’s ‘Atmanirbhar Bharat’ Program. With its strategic location, the FTZ will help position India as a prime hub for exports to neighbouring countries, and provide a huge fillip to the manufacturing sector in the country,” Soomar added.
The Rs 1000 crore DP World FTZ project will help boost trade especially in sectors like electronics, IT, telecom, pharmaceuticals, chemicals & petrochemicals, machinery, agri & foods, and metals.
The investment comes under the Hindustan Infralog Private Limited (HIPL) joint venture between DP World (65%) and the NIIF (35%). This venture has been created to invest up to USD 3 billion in ports, logistics and related sectors across the country.