DP World explores cooperation opportunities with India's Tata Group
DP World is expanding in the Indian market
Dubai’s DP World is exploring opportunities to share expertise with one of India’s largest conglomerates, Tata Group, as the world’s fourth biggest port operator continues to eye expansion in Asia's third largest economy.
Senior executives of Tata, whose global footprint spans 100 operating companies dealing in salt and beverages to steel and and IT, met the DP World group chairman and chief executive Sultan bin Sulayem in Dubai, the company said in a statement on Wednesday. Ahmed Al Haddad, Jafza’s chief operating officer and Dubai trade executive director, Mahmood Al Bastaki, also joined discussions that covered logistics and supply chain operations, customer care and creating high quality sustainable services, it said.
“Both companies can benefit through exchange of knowledge and know how, sharing expertise and experience in areas that deliver solutions to India's growing economy and trade,” Mr bin Sulayem said.
DP World has extensive business interests in India, including six container terminals, inland container depots and warehousing assets, supporting over 30 per cent of the country’s container trade. The Nasdaq Dubai-listed firm is bullish on the growth prospects of the Indian market, particularly the logistics sector in the country, which is estimated to grow to $215bn by 2020. India currently has 34 multi-modal logistics parks and more than 1,300 infrastructure projects underway, the operator said in February.
DP world’s earlier this week partnered with India’s government controlled National Investment and Infrastructure Fund to buy a majority stake in an Indian logistics and warehousing firm, their first investment as part of $3 billion spending plans.
Hindustan Infralog, a DP World and NIIF’s joint venture investment platform, agreed to snap up 90 per cent of Continental Warehousing Corporation. The deal value is below 5 per cent of DP World’s net asset value at the end of 2017.
Updated: March 21, 2018 05:04 PM