Hindustan Infralog, a joint venture between the National Infrastructure and Investment Fund (NIIF) and Dubai-based port company DP World, acquired a 76% stake in KRIBHCO Infrastructure (KRIL) — an Indian rail logistics unit of fertiliser manufacturer Krishi Bharati Cooperative Society (KRIBHCO).
KRIBHCO will retain 24% stake in the company.
Hindustan Infralog acquired KRIBHCO Infrastructure through its 90% owned subsidiary Continental Warehousing Corporation (Nhava Seva). The deal will amount to less than 1% of DP World’s net asset value as on financial year 2018, the company said in a press release.
“We believe the strategic partnership with Continental Warehousing Corporation will enable KRIL’s assets to improve efficiencies, offer a compelling value-add solution to customers and deliver long-term value for all stakeholders,” KRIBHCO chairman Chandra Pal Singh said.
KRIBHCO Infrastructure, founded in 2009, operates in three major inland container depots in Gujarat, Uttar Pradesh and Haryana.
DP World is a Dubai-based logistics giant involved in ports infrastructure and maritime logistics. It has operations in India, Rwanda, Brazil and Argentina among other countries.
“In India, we have made strong progress in building an integrated logistics platform which can deliver a competitive solution to cargo owners and we aim to continue adding scale to our offering to deliver greater efficiencies and value to the trade,” DP World chairman and CEO Sultan Ahmed Bin Sulayem said.