Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF) has invested INR 22.50bn ($300mn), a 22.5% stake, in Hindustan Ports Pvt Ltd (HPPL) which subsidiary of Gulf logistic major DP World (DPW). Till date, NIIF has invested ~$500mn in Hindustan Ports. The company operates as a container terminal with five container terminals managing more than 5mn TEU (Twenty-foot-equivalent) of capacity which represents over 20% market share. The transaction is subject to approval and is expected to close between January-March 2023. Sujoy Bose, MD & CEO of NIIF said, “The investment will enable NIIF’s domestic and international investors to have a meaningful exposure in the sector through a unique and scalable platform with a significant presence across sea-based container terminals and land-based container logistics infrastructure.” In 2018, DP World and NIIF formed a partnership, through the creation of Hindustan Infralog Private Limited (HIPL) which has made large investments in container freight stations, multi-modal logistics parks, economic zones, cold chain infrastructure, and rail logistics.
DPW dollar bonds were trading lower with its 3.908% 2023s down over 0.14 points to 99.89 yielding 4.04%.
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