DP World announces intention to back potential infrastructure development in India
The Group has already invested capital of $1.2bn 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 His Highness 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 His Excellency Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World. The visit follows a two-day official trip by Indian Prime Minister Narendra Modi to the UAE last August.
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.”
In Mumbai, Sheikh Mohammad Bin Zayed Al Nahyan and Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World also inaugurated the new 330-metre berth at Nhava Sheva (India) Gateway Terminal (NSIGT), at India’s premier gateway port, Jawaharlal Nehru Port (JNPT).
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, 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," Sulayem said.
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