Khaleeji Commercial Bank (KCB) has launched a fund with a target capital of $430 million to invest in India.

The fund, to be managed under the name the Global Logistix Navi Mumbai Investment Company, will aid the development of India’s first integrated logistics city project on a 400-acre site in Navi Mumbai, India. 

India, currently one of the world’s fastest emerging economies, is slated to surpass the UK and Germany by 2050 as the third largest economy in the world.

“Global Logistix stands to play an integral part in Navi Mumbai.  The economic conditions in India are perfect at the moment to support such an initiative," said Ebrahim H. Ebrahim, CEO and Board Member of KCB.

"The project is a logistics focused real estate development comprising an integrated logistics park." 

"The bank can foresee Mumbai’s need for a large scale logistics park, as it is the largest market for retail in India, having approximately 20 per cent of the country’s total retail opportunities within its borders,” he added. - TradeArabia News Service