DP World raises stake in Vallarpadam CT to US$500m
International box terminal operator DP World has announced plans to invest about US$500 million to develop a terminal at Vallarpadam in Kochi. This raises its total planned investment for India to $2 billion over the next few years.
"DP World has to date invested US$1.5 billion in container terminal infrastructure in India and over the next several years this investment is likely to reach US$2 billion," said DP world senior vice president and managing director Ganesh Raj in a report by Zee News in Mumbai.
The development work is intended to turn the Vallarpadam International Container Transshipment Terminal into a leading gateway to Southern India and provide an alternative transshipment route to Sri Lanka and Singapore.
DP World has more than doubled the amount it originally intended to invest in Vallarpadam, after saying earlier this month it would invest US$200 million in the Vallarpadam terminal, which will handle one million TEU during its first phase of development. The facility is expected to be up and running in April 2009.
DP World operates five terminals in India at Kochi, Mundhra, Jnpt, Chennai and Vishakapatnam. The terminals at Kochi and Vishakapatnam are DP World's, while Mundhra, Jnpt and Chennai's container terminals came under the company's control after it acquired P&O last year.
Jnpt accounts for 58 per cent of India's container traffic, while Chennai accounts for 22 per cent, The Hindu online reports. It said the work on rail connectivity from Edappally and road connectivity from Kalamassery to the project site is due to start by April.
"DP World has to date invested US$1.5 billion in container terminal infrastructure in India and over the next several years this investment is likely to reach US$2 billion," said DP world senior vice president and managing director Ganesh Raj in a report by Zee News in Mumbai.
The development work is intended to turn the Vallarpadam International Container Transshipment Terminal into a leading gateway to Southern India and provide an alternative transshipment route to Sri Lanka and Singapore.
DP World has more than doubled the amount it originally intended to invest in Vallarpadam, after saying earlier this month it would invest US$200 million in the Vallarpadam terminal, which will handle one million TEU during its first phase of development. The facility is expected to be up and running in April 2009.
DP World operates five terminals in India at Kochi, Mundhra, Jnpt, Chennai and Vishakapatnam. The terminals at Kochi and Vishakapatnam are DP World's, while Mundhra, Jnpt and Chennai's container terminals came under the company's control after it acquired P&O last year.
Jnpt accounts for 58 per cent of India's container traffic, while Chennai accounts for 22 per cent, The Hindu online reports. It said the work on rail connectivity from Edappally and road connectivity from Kalamassery to the project site is due to start by April.
