DP World said it has started construction of its Nhava Sheva Business Park free trade zone 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 (65%) and the National Investment & Infrastructure Fund (35%). The venture is created to invest up to $3 billion in ports, logistics and related sectors across the country, DP World said.
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 located 5 km away from JNPT.
The facility, comprising a 1 million sq.ft covered storage area with other cargo handling facilities, modern equipment, commercial building, will be completed in 12 to 14 months.
It will be equipped with specialised 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 environment posed by COVID-19, we have been successful in achieving this key milestone. This reinforces DP World’s commitment to India and strengthens our integrated logistics portfolio in the country,” said Rizwan Soomar, CEO & MD Subcontinent, DP World.
“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,” he added.
The project will help boost trade especially in sectors like electronics, IT, telecom, pharmaceuticals, chemicals and petrochemicals, machinery, agri and foods, and metals, DP World said.