DP World sees US$1bn potential in India
SEE ALSO: 10 injured in DP World crane accident
UAE’s DP World and India’s National Investment and Infrastructure Fund (NIIF) have signed a memorandum of understanding (MoU) to develop India’s logistics sector.
DP World announced, during HH Sheikh Mohammed bin Zayed Al Nahyan visit to India in 2016, that it was seeking opportunities in the country worth more than $1bn (AED3.67bn) over the next few years.
This will be aimed at the development of port infrastructure of the Sagarmala project, creation of the Delhi – Mumbai Industrial Corridor, river transportation and cold chain storage, investing in port-led special economic zones, free trade zones, inland container depots, and cruise terminals.
DP World’s Group Chairman and chief executive officer, Sultan Ahmed Bin Sulayem, 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 NIIF.
“The NIIF plays a crucial role in financing India's infrastructure and we welcome their approach to encouraging development in the sector.
“The agreement is a direct result of the visit last year of HH 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.
“One of the key priorities of the Indian Government is preventing the loss of agricultural produce. This can be managed through adequate marine and warehousing infrastructure including cold storage as well as development of inland waterways, reducing logistics costs at the same time.
“We are proud to partner with the government and share our expertise and experience in these areas and the global supply chain to provide cost effective logistics and warehousing solutions to India's growing export and import trade.”