New Delhi, Jul 29 (PTI) Hindustan Infralog Private Ltd (HIPL), a joint venture of DP World and NIIF, will invest Rs 1,000 crore to develop its Nhava Sheva Business Park Free Trade Zone in Mumbai.

Nhava Sheva Business Park, a special purpose vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ.

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"The company signed a lease agreement today with JNPT for the project. The FTZ (Free Trade Zone) is on a long-term lease of 60 years, and is located 5 km away from JNPT," DP World and NIIF said in a joint statement. The facility will be equipped with latest infrastructure like specialized multi-product and temperature-controlled warehouses, and a container yard with ultra-modern digital & security systems, the statement said.

It will offer round-the-clock customs clearance and value-added services to provide customers a one-stop solution for all their consumption and trading needs, it added.

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Rizwan Soomar, CEO & MD, DP World Subcontinent, said, “The Free Trade Zone will be ready towards the end of 2021. This investment reinforces DP World's strategy and commitment to India, and strengthens our integrated logistics portfolio in the country." He said DP World believes that the FTZ will contribute in establishing India as a major trade and manufacturing hub, and support the Government's ‘Aatmanirbhar Bharat' programme.

"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," he added.

The statement said its strategic proximity – to the port, the upcoming Navi Mumbai International Airport, Western Dedicated Freight Corridor and National Highways – provides quick and direct access to domestic and global markets.

Vinod Giri, Managing Partner, National Investment & Infrastructure Fund, said, “NIIF is pleased to partner in this project through HIPL. This unique public-private partnership project with Jawaharlal Nehru Port Trust (JNPT) significantly enhances the value proposition of logistics sector in India." The Rs 1,000 crore DP World FTZ investment comes under the HIPL joint venture between DP World (65 per cent) and the NIIF (35 per cent), the statement said.

The project will help boost trade especially in sectors like electronics, IT, telecom, pharmaceuticals, chemicals & petrochemicals, machinery, agri & foods, and metals, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)