DP World lays foundation stone for Free Trade Zone in Nhava Sheva
Global logistics company DP World has started construction of its Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in Mumbai by laying the foundation stone.
The ₹1000 crore DP World FTZ investment comes under the Hindustan Infralog (HIPL) joint venture between DP World (65 percent) and the National Investment & Infrastructure Fund (NIIF) (35 percent). This venture has been created to invest up to $3 billion in ports, logistics and related sectors across the country.
NSBP, a special purpose vehicle, is a co-developer for the Jawaharlal Nehru Port Trust (JNPT) SEZ. The FTZ is on a long-term lease of 60 years and is located 5 kilometres away from JNPT. After signing a lease agreement in July and successfully acquiring all permissions & approvals, the company has started construction in full swing.
Rizwan Soomar, CEO & MD, Subcontinent, DP World said “We are committed to complete this project in a record time and have it operational towards the end of 2021. 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.”
The project is expected to help boost trade especially in sectors like electronics, IT, telecom, pharmaceuticals, chemicals & petrochemicals, machinery, agri & foods, and metals.
Facilities in the free trade zone
The gold-rated facility comprising of 1 million sq ft covered storage area with other cargo handling facilities, modern equipment, commercial building, etc., will be completed in 12 to 14 months.
The facility will be equipped with state-of-the-art infrastructure like specialized multi-product and temperature-controlled warehouses, and a container yard with ultra-modern digital & security systems. It will offer round-the-clock customs clearance and value-added services to provide customers with a one-stop solution for all their consumption and trading needs.
Its strategic proximity – to the largest container port in India, the upcoming Navi Mumbai International Airport and National Highways – provides quick and direct access to domestic and global markets. It will offer long-term advantages to domestic as well as global traders and manufacturers, by enabling reliable and fast movement of cargo.
Source: https://www.itln.in/index.php/dp-world-lays-foundation-stone-for-free-trade-zone-in-nhava-sheva-shipping