Dubai-based port operator DP World said it is looking at a number of opportunities in India, but declined to give specifics.
A number of Indian state governments are discussing the potential establishment of logistics facilities with Dubai-based ports operator DP World, according to Indian ambassador Navdeep Singh Suri.
Speaking on the sidelines of a press conference announcing the upcoming Indian-UAE Partnership Summit (IUPS) earlier this week, Suri told reporters that DP World is in “various stages of conversation with at least five state governments” about “major logistics facilities.”
Suri identified the states as Andhra Pradesh, Maharashtra, Uttar Pradesh, Haryana and Jammu and Kashmir.
When contacted by Arabian Business, a DP World spokesperson said that “we always look for opportunities wherever they may be around the world, but do not comment on speculation or specifics until announcements are made.”
In January, DP World and India’s National Investment and Infrastructure Fund (NIIF), a quasi-sovereign wealth fund, announced plans to create a fund that will invest up to $3 billion of equity in ports, terminals, transportation and logistics businesses in India.
"It will also look at opportunities beyond sea ports such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminal and logistics infrastructure, including cold storage,” the spokesperson added. “We are looking at a number of opportunities in India at this stage.”
Two months later, the DP World and NIIF joint venture - Hindustan Infralog Private Limited (HIPL) – announced its first investment, the acquisition of a 90 percent stake in Continental Warehousing Corporation Ltd (CWCNSL), a multimodal logistics company with a network spread across key locations in India.
DP World currently operates or is developing ports in the Indian cities of Chennai, Cochin, Mundra, Nhava Sheva, Visakhapatnam and Kulpi, with over 6 million TEU of gross capacity. Additionally, it operates container trains connecting ports to the Indian hinterland.