Continental Warehousing Corporation (Nhava Seva) Ltd., (CWCNSL), a 90%-owned subsidiary of Hindustan Infralog Pvt. Ltd. (HIPL), has acquired 76% stake in Kribhco Infrastructure Ltd. (KRIL), an integrated multi-modal logistics operator for an unspecified amount. Hindustan Infralog is a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF).
Kribhco (Krishak Bharati Cooperative Society) Ltd. will continue to retain the remaining 24% shareholding.
KRIL operates three major inland container depots/private freight terminals in Haryana, Uttar Pradesh and Gujarat. It has container train operations with a pan-India outreach. KRIL has a presence in the National Capital Region, which is India’s largest import-export market with a population of over 46 million, including a terminal located on a notified double stack route.
The acquisition of KRIL will augment DP World’s existing business in terms of the business model and geographic footprint, offering an integrated portfolio to the entire logistics value chain, DP World said in a statement.
Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said: “We are delighted to announce the acquisition of KRIL, which is highly complementary to our earlier acquisition of Continental Warehousing Corporation. It enables the DP World Group to become a significant operator in the fast-growing inland logistics market.”
“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,” he said.
Dr. Chandra Pal Singh, chairman, KRIBHCO, said: “KRIBCHO continues to remain excited about the significant growth potential of logistics infrastructure in India. 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.”