DP World on Friday unveiled a plan to invest $1 billion in India over the next few years, as the Dubai-headquartered terminal operator looks to tap into potential growth opportunities in the emerging Asian economy.
The announcement was jointly made by Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and DP World Chairman Sultan Ahmed Bin Sulayem during their visit to New Delhi and Mumbai.
“We are reinforcing our commitment to enabling India’s growth and economic development through our operations in the country, where we have invested over $1 billion in the past supporting over 30 percent of India’s container trade,” Bin Sulayem said. “Being one of the strongest emerging economies in the world, India offers immense potential for growth in the maritime sector.”
The visit comes after Indian Prime Minister Narendra Modi traveled to the Arabian country in August last year in an effort to accelerate bilateral trade and investment.
The statement said DP World will explore investment opportunities in India for setting up container terminals in brown-field sites, green-field container facilities on long-term concession, inland container depots and intermodal-related infrastructure.
“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,” said Crown Prince Mohammed in a written statement.
During his visit to Mumbai, Bin Sulayem also officially inaugurated DP World’s new, second container facility at Jawaharlal Nehru Port Trust, dubbed Nhava Sheva (India) Gateway Terminal. With this, the company now holds six port concessions in India, covering a total investment of $1.2 billion.
NSIGT, which has been operating to its partial capacity since September, comprises a berth length of about 1,083 feet, a draft of 44 feet, a 68-acre storage yard, four rail-mounted quay cranes, 12 rubber-tire gantry cranes and an annual capacity of 800,000 twenty-foot-equivalent units.
The company’s flagship facility at JNPT, Nhava Sheva International Container Terminal, began operations in 1999. NSICT provides 1,969 feet of quay, 64 acres of yard space, eight quay cranes, three rail-mounted gantry cranes and 29 rubber-tire gantry cranes, capable of handling 1.2 million TEUs per year. The terminal also has two on-dock intermodal rail facilities.