DP World acquires 76% of India’s Kribhco Infrastructure

UAE – Mubasher: Hindustan Infralog Private Limited (HIPL), a joint venture (JV) between DP World and India's sovereign wealth fund, National Investment and Infrastructure Fund (NIIF), revealed that the Dubai-based ports operator acquired a 76% stake in India’s multi-modal logistics operator Kribcho Infrastructure.

Krishak Bharati Cooperative (KRIBHCO) will continue to retain the remaining 24% shareholding, DP World said in a statement to Nasdaq Dubai on Thursday.

The transaction’s consideration is 1% of DP World’s net asset value recorded in 2018.

Under the acquisition, HIPL 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.

“We are delighted to announce the acquisition of 76% stake in KRIBHCO Infrastructure Limited (KRIL), a rail logistics solutions provider, which is highly complementary to our earlier acquisition of Continental Warehousing Corporation,” Sultan Ahmed Bin Sulayem, CEO and chairman of DP World, commented.

He added that the acquisition will enable the DP World to become a significant operator in the fast-growing inland logistics market.

Mubasher Contribution Time: 23-May-2019 07:53 (GMT)
Mubasher Last Update Time: 23-May-2019 08:10 (GMT)