DP World Ltd. said as much as $1 billion may be invested in the first Indian port able to handle the largest container ships as the company tries to challenge Colombo’s grip on India’s maritime trade with Europe and China.
“What we are trying to do is compete in the regional and international market,” Anil Singh, the company’s India head, said in an interview in Mumbai yesterday. “It will change the logistic pattern of the country.”
The new terminal at Vallarpadam in Kochi, south India, which is due to open in August, will be able to handle the 13,000-container capacity ships commonly used on Asia-to-Europe routes. Presently, these long-haul vessels are unable to stop in India, which forces the nation’s importers and exporters to spend an extra $150 million a year ferrying goods to and from Colombo, Singapore or Dubai, Singh said.
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