Ports operator DP World is seeking to invest over $1 billion in India over the next few years, it said in a statement.
The Dubai-headquartered DP World has already made investments worth $1.2 billion in the country, where it has six port concessions and holds a market share of approximately 30%.
The new investments will cover expansion in brownfield container terminals, long term greenfield container concessions, inland container depots, and upgrades to existing inter-modal rail services for rolling stock.
The announcement was made during a visit to the Indian capital New Delhi by Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sultan Ahmed bin Sulayem, group chairman and CEO of DP World. The visit follows a two-day official trip by Indian prime minister Narendra Modi to the UAE last August.
“The UAE and India enjoy historic bilateral relations and these potential investments reinforce our confidence in the long term growth of the Indian economy,” said Sheikh Mohammad Bin Zayed.
“DP World has established a leading position in the Indian market. It has the biggest portfolio along the Indian coast,” he added.
In Mumbai, Sheikh Mohammad bin Zayed and Sultan Ahmed Bin Sulayem also inaugurated the new 330m berth at Nhava Sheva (India) Gateway Terminal (NSIGT), at the Jawaharlal Nehru Port (JNPT).
DP World India employs 3,000 people across six terminals: the new Nhava Sheva (India) Gateway Terminal; the Nhava Sheva International Container Terminal, also at JNPT; the Mundra International Container Terminal, Mundra Port; the Chennai Container Terminal, Chennai Port; the India Gateway Terminal, Cochin Port; and the Visakha Container Terminal, Visakhapatnam Port.
“India offers immense potential for growth in the maritime sector,” said Bin Sulayem. “With Nhava Sheva India Gateway Terminal, the new 330-metre berth, DP World will contribute even more to India’s growth.”
Dubai’s non-oil foreign trade with India has risen by 144% between 2004 and 2014. By the end of 2014, trade between the two countries amounted to AED109.34 billion, compared to AED44.87 billion in 2004.
India was also Dubai’s second largest trading partner in 2015, with bilateral trade of AED 73.86 billion during the first nine months of 2015.