Dubai: Dubai-owned DP World said on Sunday that its joint venture with India’s National Infrastructure Investment Fund had bought a 90% stake in Mumbai-based logistics firm Continental Warehouse Corp.

The acquisition was the first made by the joint venture which has said it plans to invest up to $3 billion in ports, logistics and related sectors.

Terms of the deal were not disclosed. The purchase consideration is less than 5% of DP World’s net asset value as of 31 December, 2017, it said.

DP World, one of the world’s largest port operators, also said on Sunday it had bought a logistics firm in Peru for $315.7 million, giving it a 50% stake in the country’s second largest container terminal.

The acquisition of Cosmos Agencia Maritima, which also offers maritime services, gives it half-ownership of Euroandinos Port Terminals which operates the port of Paita.

DP World operates several ports in South America, including a container terminal in Peru’s Port Callao.

Last week, DP World reported 14.9% rise in 2017 profit to $1.18 billion. Reuters

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