DP World buys giant Mumbai warehousing company

Dubai terminal operator DP World and Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF) are paying $400m to buy Continental Warehousing Corp (Nhava Sheva).

This marks the first investment of the new investment platform launched by the pair this January with plans to invest up to $3bn in Indian logistics-related infrastructure.

Private equity firms Warburg Pincus, Abraaj and IFC Washington together own 60% of the Nhava Sheva facility while the remaining 40% is held by Continental Warehousing, the flagship company of Chennai-based NDR Group.