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Infrastructure

India’s NIIF, Dubai’s DP World to launch platform to invest in Indian infrastructure

Shipping containers stacked at the port in Maharashtra, India, near Mumbai.

India's National Investment and Infrastructure Fund and DP World Group, a Dubai-based builder and operator of maritime ports and other trade infrastructure, announced they will launch a platform to invest up to $3 billion to acquire and develop ports, terminals, transportation and logistics businesses in India.

Anita Bhoir, a spokeswoman for NIIF, declined to say how much NIIF and DP World would contribute to that investment total.

A joint news release Monday by DP World and NIIF said the platform's potential investments will include "river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure including cold storage."

The announcement Monday followed the signing of a memorandum of understanding in May committing NIIF and DP World to work together to "develop the logistics sector in India."

India's government launched the NIIF in the second half of 2015, with an initial infusion of 200 billion rupees ($3.1 billion) to work with overseas investors — including sovereign wealth funds — to invest in local infrastructure projects.

Sujoy Bose, the CEO of NIIF, in the news release called the investment with DP World, the first since the infrastructure fund's launch, "a good example of how NIIF can work with international capital and expertise to invest at scale to build critical infrastructure in India."