DUBAI: February 12, 2016. DP World says it wants to commit an additional US$1 billion in India following US$1.2 billion already invested in six port concessions at Gujarat (Mundra), Maharashtra (Nhava Sheva), Kerala (Cochin), Tamil Nadu (Chennai) and Andhra Pradesh (Visakhapatnam).
The company, which says it already handles 32 percent of India’s container trade, wants to expand brownfield container terminals, acquire long-term greenfield container concessions, establish Inland Container Depots and expand existing inter-modal rail services.
The announcement was made during a visit to New Delhi and Mumbai by Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi (left in picture), and Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World. In Mumbai they inaugurated DP World’s new 330-meter Nhava Sheva (India) Gateway Terminal facility at India’s Jawaharlal Nehru Port.
The visit follows a two-day official trip by Indian prime minister Narendra Modi to the UAE last August.
Sheikh Mohammad commented: “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.”
Sultan Ahmed added: “Being one of the strongest emerging economies in the world, India offers immense potential for growth in the maritime sector.”
Dubai’s non-oil foreign trade with India grew 144 percent from AED 44.87 billion in 2004 to 109.34 billion by the end of 2014.