Dubai's DP World to invest $510 million in India's Gujarat state | Reuters
Dubai-owned ports giant DP World [RIC:RIC:DPWRD.UL] will invest around $510 million to build a new container terminal at the Kandla port in the Indian state of Gujarat, its group chairman said on Friday.
"It will enable the delivery of trade opportunities by connecting northern, western and central India with global markets," Sultan Ahmed Bin Sulayem, who is also DP World's CEO, said after the signing of an agreement between the Deendayal Port Authority and DP World officials.
The Indian government earlier this year approved a plan by Hindustan Infralog Private Limited, a joint venture between DP World and the state-owned National Investment and Infrastructure Fund, to develop the terminal on a Build-Operate-Transfer (BOT) basis.
DP world, which operates in 73 countries, last week reported a nearly 10% fall in first-half profit to $651 million despite a 13.9% year-on-year rise in revenue to more than $9 billion.
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