DP World, Dubai based global port operator, has acquired 76 per cent stake in KRIBHCO Infrastructure Limited (KRIL), an Indian logistics company. DP world entered in a joint venture with the National Investment and Infrastructure Fund (NIIF) for the acquisition of KRIBHCO’s stake through Hindustan Infralog Private Limited (HIPL).
Hindustan Infralog Pvt Ltd (HIPL) is a joint venture between DP World and NIIF. HIPL has acquired KRIL through its subsidiary Continental Warehousing Corporation (NhavaSeva) in which it holds 90 per cent stake.
DP World’s stake in KRIBHCO (KrishakBharati Cooperative Society) Infrastructure Limited (KRIL) was acquired through its 90 per cent owned subsidiary, Continental Warehousing Corporation (Nhava Seva) Limited (CWCNSL). KRIL will continue to retain its 24 per cent stake said a statement.
“We are delighted to announce the acquisition… It enables the DP World Group to become a significant operator in the fast-growing inland logistics market. “– Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World
KRIL was established in 2009 and currently operates major inland container depots and private freight terminals in Haryana, Uttar Pradesh and Gujarat. It also has container train operations across the country.
Chandra Pal Singh, Chairman, KRIBHCO said, “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.”
As per HIPL, with this acquisition of KRIL, it 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 is also expected to enhance DP World’s existing business in terms of the business model and geographic footprint already spread in six continents.