Dubai's DP World to invest $500 mn in India

MUNDRA (INDIA): Dubai's DP World plans to invest $500 million in India over the next two years to development infrastructure at its port operations in the South Asian country, including rail links and roads.

"DP World has to date invested $1.5 billion in developing container terminal infrastructure in India. And over the next few years, this investment is likely to reach $2 billion," a company statement said.

"India is our main focus for growth and expansion," Jamal Majid Bin Thaniah, chief executive officer of Dubai Ports and Jebel Ali Free Zone Authority, said. Thaniah told reporters the planned investment would be made in the next two years.

"We see more export and import business growing everyday in the subcontinent and it is for this we want to expand," he said. The company will also be creating dry ports and expanding its existing terminals in India, Thaniah said. DP World has terminals at Nhava Sheva near Mumbai, Chennai, Visakhapatnam and Kochi ports.

The company is also trying to develop operations at Kulpi in eastern India. It is looking to acquire a second terminal at Mundra port in the western state of Gujarat from the Adani group, which plans to raise up to Rs 17.71 billion ($450 million) through an initial public offer to develop the port's infrastructure.

DP World is already running a terminal at the port. The company runs 42 terminals and 13 new developments across 27 countries from the Americas to Asia. It has a global capacity of more than 48 million 20-foot equivalent units (TEUs).

State-owned DP World acquired P&O last year, but was forced to relinquish control of the British operator's US assets amid a political firestorm that the deal posed a threat to American national security.