Text size:

  • Small
  • Normal
  • Large
Containers are stacked at DP World's Nhava Sheva Gateway Terminal. The company is India's biggest container terminal operator. Adeel Halim / Bloomberg News
Containers are stacked at DP World's Nhava Sheva Gateway Terminal. The company is India's biggest container terminal operator. Adeel Halim / Bloomberg News

DP World signs India port expansion pact

India Dispatch: DP World, the Dubai-based ports operator, yesterday signed an agreement that allows it to go ahead with a US$200 million project to expand the capacity of one of India's biggest ports.

DP World yesterday signed an agreement that allows it to go ahead with a US$200 million project to expand the capacity of one of India's biggest trade gateways.

The Dubai-based ports operator is to build and operate a container terminal at Jawaharlal Nehru Port in Navi Mumbai, where the company already operates a terminal.

"With a 17-year concession period, we are investing for the long term," said Sultan Ahmed bin Sulayem, the chairman of DP World, who attended the signing ceremony in New Delhi yesterday.

The agreement was signed through a subsidiary of DP World, Nhava Sheva Gateway Terminal. The award of the contract was announced last November.

Jawaharlal Nehru Port is India's largest container port, handling 64.50 million tonnes of cargo during the financial year that ran to the end of March.

"The new 330-metre berth with 27 hectares of yard will add 800,000 TEUs [standard container units] of container capacity and help ease congestion at Jawaharlal Nehru Port," DP World said.

The company is the biggest container terminal operator in India, having moved to capitalise on the country's economic and trade growth of recent years.

DP World operates five Indian container ports, including facilities in Gujarat, Chennai and Kerala, as well as a train service for cargo. It has invested more than $1 billion in India.

Separately, DP World yesterday announced that it had extended the maturity date on a $1bn revolving credit facility to the second quarter of 2018 from the second quarter of 2017 at more attractive market terms.

"The facility provides DP World with flexibility to manage cash flow and investment in its portfolio," DP World said. "Plans to utilise the facility remain unchanged."

The company has said that it plans to spend close to $3bn this year and next on expanding terminal capacity. DP World's profits rose 21 per cent last year to $555m, up from $459m the previous year, after it made $249m from asset sales in Australia, Europe and the Middle East.

 

business@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 An air traffic control tower is seen at the central terminal of LaGuardia Airport on April 8, 2014. Shannon Stapleton / Reuters

In pictures: New York’s LaGuardia Airport in need of a rebuild

With constraints on its resources and no appetite for further debt, private investors and developers are being tapped to rebuild the 50-year-old central terminal for $3.6 billion, instead of using traditional public finance methods.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 An Uber taxi driver drives his car through a street in New Delhi, India. Saurabh Das / AP Photo

In pictures: On-demand cab service app Uber targets India

Taxi-hailing smartphone app Uber is making a big push into Asia with the company starting operations in 18 cities in Asia and the South Pacific including Seoul, Shanghai, Bangkok, Hong Kong and five Indian cities in the last year.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National