DP World, JNPT to develop Nhava Sheva Business Park by 2020
July 15, 2019: Global trade enabler DP World and Jawaharlal Nehru Port Trust (JNPT) will jointly develop the $78 million Free Trade Warehousing Zone (FTWZ) project.
July 15, 2019: Global trade enabler DP World and Jawaharlal Nehru Port Trust (JNPT) will jointly develop the $78 million Free Trade Warehousing Zone (FTWZ) project. A co-developer agreement was signed between Rizwan Soomar, CEO and MD, DP World Subcontinent and Sanjay Sethi IAS, chairman of JNPT recently.
The Nhava Sheva Business Park is being developed 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.
“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,” said Sethi.
The $78 million DP World FTWZ project is the second investment under the Hindustan Infralog Private Limited (HIPL) joint venture between DP World (65 percent) and the National Investment and Infrastructure Fund (35 percent). This venture was created to invest up to $3 billion in ports, logistics and related sectors across the country.
Thanking the Jawaharlal Nehru Port Trust, Soomar said, "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 in improving India’s position in the World Bank’s Ease of Doing Business ranking.”