DP World explores opportunities with India’s Tata
Dubai’s DP World is exploring opportunities to share expertise with one of India’s largest conglomerates, Tata Group, as the world’s fourth-biggest port operator continues to eye expansion in Asia’s third-largest economy.
Senior executives of Tata, whose global footprint spans 100 operating companies dealing in salt and beverages to steel and IT, met the DP World group chairman and chief executive Sultan bin Sulayem in Dubai, the company said in a statement yesterday.
Ahmed Al Haddad, Jafza’s chief operating officer, and Dubai trade executive director, Mahmood Al Bastaki, also joined discussions that covered logistics and supply chain operations, customer care and creating high quality sustainable services, it said.
“Both companies can benefit through exchange of knowledge and know-how, sharing expertise and experience in areas that deliver solutions to India’s growing economy and trade,” Mr Bin Sulayem said.
DP World has extensive business interests in India, including six container terminals, inland container depots and warehousing assets supporting over 30 per cent of the country’s container trade.
The Nasdaq Dubai-listed firm is bullish on the growth prospects of the Indian market, particularly the logistics sector in the country, which is estimated to grow to $215 billion by 2020. India currently has 34 multi-modal logistics parks and more than 1,300 infrastructure projects under way, the operator said in February. DP World earlier this week partnered with India’s government-controlled National Investment and Infrastructure Fund to buy a majority stake in an Indian logistics and warehousing firm, their first investment as part of $3bn spending plans.
Hindustan Infralog, DP World and NIIF’s joint venture investment platform, agreed to snap up 90 per cent of Continental Warehousing Corporation. The deal value is below 5 per cent of DP World’s net asset value at the end of 2017.