Dubai-based DP World and the National Investment and Infrastructure Fund (NIIF) have signed an agreement to develop the logistics sector in India.
The agreement comes as a result of the visit to India in February 2016 of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Sultan Ahmed bin Sulayem, DP World Group chairman and CEO, a statement said.
DP World announced at the time that it was seeking opportunities in the country worth over $1 billion over the next few years.
This will be aimed at development of port infrastructure of the Sagarmala project, creation of the Delhi – Mumbai Industrial Corridor, river transportation and cold chain storage, investing in port-led special economic zones, free trade zones and cruise terminals.
Bin Sulayem said in the statement: “We have been a part of India’s growth story for nearly two decades now and we are delighted to further strengthen this relationship with the NIIF.
“The agreement is a direct result of the visit last year of Sheikh Mohammed Bin Zayed and both our organisations will work together in backing suitable projects. This will further develop Prime Minister Modi’s ‘Make in India’ and ‘Invest India’ campaigns,” he said.