DP World Bolsters Investment in India
DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.
The company is seeking to invest in expansion of brownfield terminals, new terminals, inland container depots and expansion of existing inter-modal rail services for rolling stock, Sultan Ahmed Bin Sulayem, group chairman and CEO said.
The announcement was made during a visit to New Delhi and Mumbai by Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the UAE, and Sultan Ahmed Bin Sulayem.
The Dubai-headquartered terminal operator has already invested $1.2 billion and is currently the only foreign operator with six port concessions in India with approximately 30% market share.
DP World runs India's biggest container port at the Jawaharlal Nehru Port. It's building a new 330 meter terminal at the port. It also has a presence in ports at Mundra, Gujarat, Kochi, Chennai and Vizag.
Shaikh Mohammad Bin Zayed Al Nahyan, said: “The UAE and India enjoy historic bilateral relations and these potential investments reinforce our confidence in the long term growth of the Indian economy and our desire to actively contribute to the economic development of this friendly nation."
"DP World has established a leading position in the Indian market and is a pioneer in the development of container terminals. It has the biggest portfolio along the Indian coast and is looking to enhance its presence there, transferring the UAE’s experience of infrastructure development in line with our plans to enhance the strategic relations between our countries and to take them to a higher level," he added.
Anil Singh, senior vice-president and managing director (subcontinent) at DP World, said the firm is identifying opportunities to invest in container terminals, among other projects, across India.
