DP World to invest $50 mn in India

Jamal Majid Bin Thaniah, Executive Vice-Chairman of DP World and group CEO of Port and Free Zone World on his visit to the Mundra International Container Terminal (MICT) announced the company's plans to invest in the country.

The port operator DP World is planning to invest $50 Mn in India. The company has already made investments of $1.5 bn in India.

DP World is the world¿s fourth-largest marine terminal operator in the world and the largest in India.

The company has achieved a strong financial performance and in the first half of 2007. The company saw an increase in throughput year-on-year of 23 per cent to 20.3 million TEUs , and Proforma Adjusted EBITDA of $453.7 million.

Bin Thaniah was accompanied by the Executive VP & COO of DP World, Anil Wats and Ganesh Raj, MD and Sr VP, DP World Subcontinent Region.

He said that DP World, which operates MICT facility, is present in six ports across the country.

He announced that DP World has invested US$ 1.5 billion in developing container terminal infrastructure in India and over the next few years, this investment is likely to reach $2 billion. He also said that the company is also open to acquisitions in the country.

On cargo handling K Krishnadas, CEO, MICT, said, "MICT's cargo volumes are increasing 50 per cent year-on-year and we expect this trend to continue in the future. Most of the export cargo from North India including Jodhpur, New Delhi is coming to MICT and there is substantial growth in the volumes of agricultural export cargo as well stones."

However, the road connectivity still remains a problem. "NH -8 is being resurfaced and it is being widened however, recent rains damaged some connecting roads which need to be rectified as soon as possible by the state government. That will ensure smoother cargo movement."

MICT also comes as a breath of relief to other ports like Nheva Sheva in Maharashtra. "When ever there is a congestion problem in Nheva Sheva, the cargo gets diverted to MICT. The container terminal is a major relief to the nearby port states like Maharashtra," Krishnadas said.

DP World also operates private container trains and is planning to go in for a major investment in port-specific special economic zones (SEZs) in Bangalore, Chennai, West Bengal, Mumbai and New Delhi.

MICT also boasts of having the added facility of Container Freight Station (CFS) close by. Officials at MICT also said that MICT is looking forward to providing a 'door-to-door' solution through its subsidiary, Container Rail and Road Services Private Ltd (CRRS). The first CRRS train between ICD Dadri and MICT began on October 2.