In a bid to combine all its terminal operations at Indian ports, DP World has announced that it has been given the greenlight from the Union Government of India to reorganise its business units under one arm entitled Hindustan Ports Pvt, according to the Journal of Commerce.
The company said in a statement: “DP World Ltd. is contemplating restructuring of its assets in India with the objective of consolidating the ownership of its port infrastructure in India into a single holding company.
“The new company will take over all liabilities of the existing subsidiaries of DP World in relation to the concession agreements.
“The approval of consolidation proposal of DP World will also facilitate promoting foreign direct investment in the country and signal the investor-friendly ambience in the port sector.”
“The proposal is intended to help expand the capital base and enable fresh investments in ports and logistics infrastructure in India.”
India is currently in the midst of a major project following an announcement by the Indian government that it is to increase investment into Indian ports by a further $50 billion under its gigantic Sagarmala Project.