Mumbai, Jan 12 (PTI) Logistics services provider DP World on Tuesday said it has commenced construction of Nhava Sheva Business Park Free Trade Zone at an estimated investment of Rs 1,000 crore.
Nhava Sheva Business Park (NSBP) Free Trade Zone (FTZ) in Mumbai is expected to be completed in 12-14 month.
The project -- a 65:35 joint venture (Hindustan Infralog) between DP World and National Investment & Infrastructure Fund (NIIF) -- will help boost trade, especially in sectors like electronics, IT, telecom, pharmaceuticals, chemicals and petrochemicals, and agriculture, DP World said in a release.
The venture was created to invest up to USD 3-billion in ports, logistics and related sectors across the country, the release said.
After signing a lease agreement in July and successfully acquiring all permissions and approvals, DP World has started construction of the NSBP Free Trade Zone in full swing, the company said.
'We are delighted to build the FTZ in such a strategic location. We are extremely pleased with our project's progress. Despite various challenges and the tough business environment posed by COVID-19, we have been successful in achieving this key milestone,' said Rizwan Soomar, MD and Chief Executive, Subcontinent, DP World.
Special purpose vehicle NSBP 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-km away from JNPT, as per the release.
The gold-rated facility comprising of 1-million sq ft covered storage area with other cargo handling facilities will be completed in 12 to 14 months, the company said.
The facility will be equipped with specialised multi-product and temperature-controlled warehouses and a container yard with ultra-modern digital and 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, the release said.
'We are further committed to complete this project in a record time and have it operational towards the end of 2021. Our vision is to provide our customers with a world-class facility for their trading needs in India. 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,' Soomar said.
The FTZ's strategic proximity to the largest container port in India, the upcoming Navi Mumbai International Airport and National Highways provide quick and direct access to the domestic and global markets, DP World said. PTI IAS BAL BAL