DP WORLD AND NIIF JOINT VENTURE HINDUSTAN INFRALOG TO ACQUIRE 76% OF KRIL
Dubai, UAE/Mumbai, India, May 23, 2019: Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announces the acquisition of a 76% stake in KRIBCHO Infrastructure Limited (KRIL), an integrated multi-modal logistics operator in India, through its 90% owned subsidiary, Continental Warehousing Corporation (NhavaSeva) Limited (CWCNSL). KRIBCHO (KrishakBharati Cooperative Society) Limited, will continue to retain the remaining 24% shareholding. The purchase consideration is below 1% of DP World's net asset value as of FY2018.
KRIL was founded in 2009 and operates three major Inland Container Depots/Private Freight Terminals at Pali, Haryana; Modinagar, Uttar Pradesh and Hazira, Gujarat and has container train operations with a pan India outreach. KRIL has a strong presence in the National Capital Region (NCR), which is India's largest import/export market with a population of over 46 million, including a terminal located on a notified double stack route.
With the acquisition of KRIL, DP World will emerge as one of the leading integrated rail terminal and container train operators in India with an enhanced network to provide door-to-door connectivity to cargo owners. It will also augment DP World's existing business in terms of the business model and geographic footprint, offering an integrated portfolio to the entire logistics value chain.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are delighted to announce the acquisition of KRIBCHO Infrastructure Limited (KRIL), a rail logistics solutions provider, which is highly complementary to our earlier acquisition of Continental Warehousing Corporation. It enables the DP World Group to become a significant operator in the fast-growing inland logistics market.
“In India, we have made strong progress in building an integrated logistics platform which can deliver a competitive solution to cargo owners and we aim to continue adding scale to our offering to deliver greater efficiencies and value to the trade.”
Dr. Chandra Pal Singh, Chairman, KRIBHCO, said: “KRIBCHO continues to remain excited about the significant growth potential of logistics infrastructure in India. We believe the strategic partnership with Continental Warehousing Corporation will enable KRIL's assets to improve efficiencies, offer a compelling value-add solution to customers and deliver long-term value for all stakeholders.”
About DP World
DP Worldis a leading enabler of global trade and an integral part of the supply chain. We operate multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions.
We have a portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in over 40 countries across six continents with a significant presence in both high-growth and mature markets. We aim to be essential to the bright future of global trade, ensuring everything we do has a long-lasting positive impact on economies and society.
Our dedicated team of over 36,000 employees from 103 countries cultivates long-standing relationships with governments, shipping lines, importers and exporters, communities, and many other important constituents of the global supply chain, to add value and provide quality services today and tomorrow.
Container handling is the company's core business and generates more than three quarters of its revenue. In 2017, DP World handled 70.1 million TEU (twenty-foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 88.2 million TEU is expected to rise to more than 100million TEU by 2020, in line with market demand.
By thinking ahead, foreseeing change and innovating we aim to create the most productive, efficient and safe trade solutions globally.