Post Date : July 13, 2019
Global trade enabler DP World and Jawaharlal Nehru Port Trust (JNPT) signed a co-developer agreement to develop the Free Trade Warehousing Zone (FTWZ) project. The co-developer agreement was signed between Rizwan Soomar, CEO and MD, DP World Subcontinent and Sanjay Sethi, Chairman of JNPT.
The US $78 million DP World FTWZ project is the second investment under the Hindustan Infralog Private Limited (HIPL) joint venture between DP World (65%) and the National Investment and Infrastructure Fund (NIIF) (35%). This venture was created to invest up to US $3 billion in ports, logistics and related sectors across the country.
Sanjay Sethi, Chairman, JNPT said, “Our agreement with DP World for developing a Free Trade Warehousing Zone at JNPT SEZ is a significant step in enabling global and domestic trade from India’s west coast. The FTWZ’s strategic proximity to India’s largest container gateway – Jawaharlal Nehru Port, the upcoming Navi Mumbai International Airport and Western Dedicated Freight Corridor, gives it direct access to global and domestic markets. It will offer long-term advantages to domestic and global traders and manufacturers by enabling reliable and fast movement of cargo and improving the effectiveness of the supply chain.”
Rizwan Soomar, CEO and MD, DP World Subcontinent said, “We thank Jawaharlal Nehru Port Trust for their continued efforts to support us over the years, and also for giving us the opportunity to build Free Trade Warehousing Zone in this strategic location. On this project we will leverage our more than 30 years of experience developing free zones and economic zones around the world, working closely with governments to create business-friendly environments.”
Mr Soomar further added, “The Free Trade Warehousing Zone is an extension of our strategy to build an integrated logistics portfolio that will enable efficient movement of freight from customer locations to domestic and global markets. This is our first greenfield FTWZ investment in India and once operational, we expect it to have a strong contribution to improving India’s position in the World Bank’s Ease of Doing Business ranking.”
The Nhava Sheva Business Park is under development on 44 acres at JNPT’s Special Economic Zone (SEZ) under a long-term concession of 60 years. The facility is expected to be operational by 2020, positioning India as a global trading hub and supporting the government’s ‘Make in India’ campaign.
(This is a syndicated news feed and not edited by Logistics Insider’s editorial team)