DP World Ltd., the Dubai-based port operator that manages terminals from Hong Kong to Peru, and India’s National Investment & Infrastructure Fund plan to jointly invest up to $3 billion in the South Asian nation.
The companies set up a platform to invest in ports, terminals, transportation and logistics businesses in India, DP World said in a statement on Monday. The $3 billion of equity will be used to acquire assets and develop projects.
The plan comes amid growing relationship between India and the United Arab Emirates, of which Dubai is the second-biggest emirate. In October, a unit of Abu Dhabi Investment Authority signed an agreement to invest $1 billion in a master fund of National Investment & Infrastructure Fund, becoming its first institutional investor.
DP World’s investment platform will also look at opportunities beyond sea ports such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals, and logistics infrastructure including cold storage, according to the statement.
DP World already operates or is developing ports in India’s Mundra, Nhava Sheva, Kochi, Chennai, Visakhaptnam and Kulpi, according to its website.