DP World, India wealth fund to partner on up to $3B in work

Port operator DP World says it will create a joint investment project with India's National Investment and Infrastructure Fund to develop ports and other logistics businesses in the country worth up to $3 billion.

DP World made the announcement in a statement Monday, saying it will look beyond seaports to "river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure including cold storage."

Abu Dhabi Investment Authority in October announced a $1 billion investment in India's National Investment and Infrastructure Fund, which itself operates like a sovereign wealth fund.

DP World is one of the world's biggest port operators. The government-backed port operator trades on the NASDAQ Dubai.