DP World to Invest Over USD 1bn in India
- Business & Finance
Dubai’s port operator DP World is seeking investment opportunities in India worth over USD 1bn over the next few years, the group said.
DP World has already invested capital of USD 1.2bn and is currently the only foreign operator with six port concessions in the country with approximately 30% market share.
The DP World investments could cover expansion in brownfield container terminals, long term greenfield container concessions, inland container depots (ICDs) as well as expansion of existing inter-modal rail services for rolling stock.
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 Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, who jointly inaugurated the new 330-metre berth at Nhava Shev Gateway Terminal at Jawaharlal Nehru Port.
“Being one of the strongest emerging economies in the world, India offers immense potential for growth in the maritime sector. With Nhava Sheva (India) Gateway Terminal, the new 330-metre berth, DP World will contribute even more to India’s growth offering our customers the ability to grow and expand their business,” said Sultan Bin Sulayem.
Dubai’s non-oil foreign trade with India has seen a striking 144 per cent growth from 2004 to 2014. By the end of 2014, trade between the two countries amounted to AED 109.34 billion, compared to AED 44.87 billion in 2004. India was Dubai’s second largest trading partner in 2015, with bilateral trade of AED 73.86 billion during the first nine months of 2015.