Global logistics major DP World has started construction of its Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in Mumbai. The Rs 1000 crore DP World FTZ investment comes under the Hindustan Infralog Private Limited (HIPL) joint venture between DP World (65%) and the National Investment & Infrastructure Fund (NIIF) (35%). This venture has been created to invest up to $3 billion in ports, logistics and related sectors across the country.
NSBP, a Special Purpose Vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ. The FTZ is on a long-term Lease of 60 years and is located 5 kms away from JNPT. After signing a Lease Agreement in July and successfully acquiring all permissions & approvals, the company has started construction in full swing.
The gold rated facility comprising of 1 million sq. ft covered storage area with other cargo handling facilities, modern equipment, commercial building, etc., will be completed in 12 to 14 months.
The facility will be equipped with state-of-the-art infrastructure like specialized multi-product and temperature-controlled warehouses, and a container yard with ultra-modern digital & security systems.
Commenting on the project, Rizwan Soomar, CEO & MD, Subcontinent, DP World said, “We are committed to complete this project in a record time and have it operational towards the end of 2021. With its strategic location, the FTZ will help position India as a prime hub for exports to neighbouring countries and provide a huge fillip to the manufacturing sector in the country.”
(Pix Courtesy: Company’s website)