11 January 2024 (Lloyd's LIst) - GLOBAL terminal operator DP World has sealed several deals worth 250bn Indian rupees ($3bn) with the Gujarat state government, covering the development of new ports, terminals and economic zones, it says.
The agreements will see DP World developing multipurpose deep-draft ports in South Gujarat and around the western coast of Gujarat towards Kutch, special economic zones in Jamnagar and Kutch and Gati Shakti Cargo Terminals and Private Freight Stations at Dahej, Vadodara, Rajkot, Bedi and Morbi, according to a press release.
Gati Shakti is India’s national master plan for multi-modal connectivity to incorporate the infrastructure schemes of various ministries and state governments.
DP World signed a $510m concession agreement in August 2023 with the Deendayal Port Authority to develop, operate and maintain a new 2.19m teu per year mega-container terminal at Tuna-Tekra in Kandla.
In addition, DP World has also signed a memorandum of understanding with Gujarat Maritime Board to jointly identify opportunities to develop extra ports along the coast of Gujarat.
DP World said the latest deals underscore its commitment to facilitating trade in Gujarat, one of the fastest-growing Indian states. Gujarat is also the home state of Indian prime minister Narendra Modi.
DP World Group chairman and chief executive officer Sultan Ahmed bin Sulayem said: “We are very committed to India, where we have been operating for nearly 20 years.”
He noted: “In that time, we invested almost $2.5bn and we are going to invest more in the next three years in these projects.”
The chief executive said positive experience with the government and its policies has given the group confidence to expand its presence in India.
Sultan Ahmed bin Sulayem said the port group has been present in Gujarat since 2003 and involved with the state’s growth and development.
“We are honoured to continue our partnership in the state by committing to strengthening its logistics and maritime infrastructure to further enable trade in Gujarat,” he said.
DP World’s major investments in Gujarat include the Mundra International Container Terminal in Mundra, along with rail connected private freight terminals at Ahmedabad and Hazira, among others.
