DP World signs MOU to develop India logistics infrastructure
Firm keen on $1bn in projects in the country over the next few years
Dubai’s DP World and the National Investment and Infrastructure Fund (NIIF) will collaborate to develop logistics infrastructure in India, as per a MoU that the two organisations have signed. The MoU was signed during the recent India Integrated Transport and Logistics Summit 2017.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates, and Sultan Ahmed bin Sulayem, DP World group chairman and CEO visited India in February 2016, and the MOU was signed following discussions that began during that trip.
Sultan Ahmed Bin Sulayem, DP world’s group chairman and CEO said, “We have been a part of India’s growth story for nearly two decades now, and we are delighted to further strengthen this relationship with the National Investment and Infrastructure Fund (NIIF). The NIIF plays a crucial role in financing India’s infrastructure, and we welcome their approach to encouraging development in the sector.”
DP World is keen on opportunities worth over US $1bn in India over the next few years. The company will be looking to develop the port infrastructure of India’s Sagar Mala project – a strategic and customer-orientated initiative of the Indian Government. The initiative aims to modernise India’s ports so that port-led development can be augmented, and coastlines can be developed to contribute to India’s growth.
Other opportunities that DP World is also interested in is the creation of the Delhi – Mumbai Industrial Corridor, as well as river transportation and cold chain storage. The company also plans to invest in port-led economic free trade zones, ICDs, and cruise terminals.
“The agreement is a direct result of the visit last year of H.H Sheikh Mohammed Bin Zayed and both our organisations will work together in backing suitable projects. This will further develop Prime Minister Modi’s “Make in India” and “Invest India” campaigns by encouraging foreign direct investment (FDI) and funding for landmark projects like Sagarmala and Bharatmala,” added Sulayem.
