ACQUISITION OF 76% STAKE IN KRIBHCO INFRASTRUCTURE LIMITED (KRIL) IN INDIA
Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announces the acquisition of a 76% stake in KRIBHCO Infrastructure Limited (KRIL), an integrated multi-modal logistics operator in India, through its 90% owned subsidiary, Continental Warehousing Corporation (Nhava Seva) Limited (CWCNSL). KRIBHCO (Krishak Bharati Cooperative) Limited, will continue to retain the remaining 24% shareholding. The purchase consideration is below 1% of DP World’s net asset value as of FY2018.
KRIL was founded in 2009 and operates three major Inland Container Depots/Private Freight Terminals at Pali, Haryana; Modinagar, Uttar Pradesh and Hazira, Gujarat and has container train operations with a pan India outreach. KRIL has a strong presence in the National Capital Region (NCR), 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.
With the acquisition of KRIL, HIPL will emerge as one of the leading integrated rail terminal and Container Train Operators in India with an enhanced network to provide door-to-door connectivity to cargo owners. It will also 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.