August 19, 2020
The three businesses acquired by DP World are Transworld Feeders FZCO, Avana Logistek Limited, and Transworld Feeders Pvt. Ltd
In 2018, DP World had set up a US$3-billion joint investment fund with India’s sovereign wealth fund, NIIF to acquire assets and develop projects
India is targeting US$1.7 trillion worth of investments from the UAE in by 2025 as both countries are collaborating on emerging technologies
The UAE is India’s third-largest trading partner, with bilateral trade touching US$60 billion, and annual growth topping 11 per cent for 2018-19
On August 19, 2020, Unifeeder, a majority-owned subsidiary of DP World Limited, announced the acquisition of three businesses of the Transworld Group – Transworld Feeders FZCO, Avana Logistek Limited (including its subsidiary Avana Global FZCO), and Transworld Feeders Pvt. Ltd. The transaction is subject to regulatory approvals, as per a press release issued by DP World. The deal value has not been disclosed.
DP World, headquartered in Dubai, UAE, is a leading provider of smart logistics solutions and has an interconnected global network of 123 business units in 54 countries across seven continents. In 2018, DP World had set up a US$3-billion joint investment fund with India’s sovereign wealth fund, National Investment and Infrastructure Fund, to acquire assets and develop projects in ports, freight corridors, special economic zones, inland container terminals, and logistics infrastructure.
Meanwhile, Transworld Feeders Pvt Ltd and Avana Logistek Limited maintain a comprehensive coverage of all main ports, terminals, and inland destinations in India. They are expected to both complement and expand DP World’s ability to offer a broader range of India-focused solutions.
In his two day visit to the UAE last August, PM Narendra Modi broadened the scope of India’s ties with the UAE, asking them to help India realise its objective of transitioning to a US$5 trillion economy. Terming the UAE-India relations as “at their best ever,” PM Modi told the government Emirates News Agency, WAM, “We are targeting about US$1.7 trillion worth of investments in the coming five years.”
This is in sync with the UAE Government’s plans to invest US$75 billion in infrastructure development across India for over 10 years. Both countries are now collaborating on emerging technologies such as blockchain and artificial intelligence to create mutually beneficial economic growth. At present, the UAE is India’s third-largest trading partner, with bilateral trade touching US$60 billion, and annual growth topping 11 per cent for 2018-19.
The UAE also continues to be the highest contributor to India’s remittance inflow; last year, this amounted to US$17 billion out of a total inflow of US$69 billion. The UAE is home to approximately 3.3 million Indians, the highest concentration in any single foreign country, and remittance figures are also expected to increase.