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Tuesday, February 27, 2024

Dubai’s DP World Invests $510 Million in Gujarat, India

DP World, the Dubai-owned ports giant, is set to invest approximately $510 million in constructing a new container terminal at Kandla port in Gujarat, India, according to the company’s chairman, Sultan Ahmed Bin Sulayem.

This move is aimed at facilitating trade connections between various regions in India and global markets.

The agreement, signed between Deendayal Port Authority and DP World officials, follows the Indian government’s approval of a plan by Hindustan Infralog Private Limited, a joint venture between DP World and the state-owned National Investment and Infrastructure Fund.

The terminal will be developed on a Build-Operate-Transfer (BOT) basis and is expected to enhance container traffic and reduce logistics costs in India.

Despite reporting a nearly 10% drop in first-half profit to $651 million, DP World’s new terminal, slated for completion by early 2027, is anticipated to expand container traffic in India. The company already operates five container terminals in the country, and this new addition will raise the combined capacity to 8.19 million twenty foot equivalent units (TEUs).

DP World’s investments align with India’s Vision 2047, focusing on quadrupling port handling capacity and enhancing logistics infrastructure to promote economic growth.

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