Global trade enabler DP World has announced that it is seeking opportunities in India worth over US$1bn during the next few years.
The group has already invested capital of $1.2 billion and is currently the only foreign operator with six port concessions in the country with approximately 30% market share.
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 United Arab Emirates (UAE), and Sultan Ahmed Bin Sulayem, Chairman and newly-appointed CEO of DP World.
The DP World investments could cover aspects which include expansion of brownfield container terminals, long term greenfield container concessions and inland container depots.
Sheikh 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.”
Sultan Ahmed Bin Sulayem said: “We are reinforcing our commitment to enabling India’s growth and economic development through our operations in the country, where we have invested over US $1 billion in the past supporting over 30% of India’s container trade.
“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.”
Sultan Ahmed Bin Sulayem was recently selected as the new CEO for DP World, after the previous CEO stepped down after 23 years of service.
Dubai’s non-oil foreign trade with India has seen a 144% growth from 2004 to 2014.
By the end of 2014, trade between the two countries amounted to more than $29.7 billion, compared to the more than $12.2 billion in 2004.
Fact File: DP World’s Indian portfolio stretches across ports in Gujarat (Mundra, 2003), Maharashtra (Nhava Sheva, 1999 and 2012), Kerala (Cochin, 2005), Tamil Nadu (Chennai, 2001), and Andhra Pradesh (Vishakapatnam, 2002). DP World supports close to 30% of India’s container trade, while also looking at where it can add value for its customers outside quayside operations – beyond the gate. In India, the company has created rail connections to the hinterland and has a national rail license from the government to operate seven container trains from major hinterland markets to its major gateways in Mundra and Nhava Sheva.