DUBAI, March 18 (Xinhua) -- Dubai Ports (DP) World and India's National Investment and Infrastructure Fund (NIIF) said Sunday that they acquired a 90 percent stake in an Indian multi-modal logistics corporation.
The acquisition of Continental Warehousing Corporation Ltd (CWCNSL) was executed through Hindustan Infralog Private Limited (HIPL), a joint venture recently created between DP World and NIIF as an investment vehicle, they said in a joint e-mailed statement.
CWCNSL's logistics network is spread across key strategic locations in India covering a total area of more than 400 acres and providing over 660k TEU (twenty-foot equivalent units) capacity.
The United Arab Emirates and India have intensified political and economic relations in recent years.
In February, Indian Prime Minister Narendra Modi visited the the UAE to boost trade between the two countries.
On Saturday, Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, discussed cooperation and ways of enhancing bilateral relations in a phone call with Modi, UAE state news agency WAM reported.