DP World, NIIF JV to acquire Continental Warehousing

Hindustan Infralog Private Limited (HIPL), a joint venture (JV) between DP World and the National Investment and Infrastructure Fund (NIIF), has announced the acquisition of a 90 per cent stake in Continental Warehousing Corporation (Nhava Seva) Limited (CWCNSL). CWCNSL’s founders will retain the remaining 10 per cent shareholding and will remain involved in business operations. The purchase consideration is less than 5 per cent of DP World’s net asset value as of financial year 2016-17. The stake acquisition will be the first investment of HIPL, the recently created investment vehicle to invest up to $3 billion in ports, logistics and related sectors. The deal will allow all CWCNSL’s investors to exit. These comprise Warburg Pincus, Abraaj Capital and the International Finance Corporation.