(MENAFN-Khaleej Times) $200m new facility to boost port capacity by 800,000 TEUs
Indian Minister of Shipping G. K. Vasan on Wednesday laid the foundation stone of DP World’s $200 million container terminal at Mumbai’s Jawaharlal Nehru Port, India’s premier gateway port.
The latest terminal project in India by DP World, which currently operates five terminals in the third largest Asian economy, is in the wake of a Bilateral Investment Promotion and Protection Agreement, or BIPPA, singed by the UAE and India. The landmark BIPPA agreement is expected to result in the UAE investing over $2 billion in Indian infrastructure projects.
G.K. Vasan unveiling the ceremonial plaque to commemorate the foundation stone laying for the new DP World terminal at India’s premier gateway port Jawaharlal Nehru Port in the presence of Milind Deora and Sultan Ahmed bin Sulayem. — Supplied photo
The ceremony was held in the presence of the Minister of State for Shipping, Milind Deora; Chairman of DP World, Sultan Ahmed bin Sulayem, and N.N. Kumar, chairman of Jawaharlal Nehru Port.
Jawaharlal Nehru Port, India’s largest container handling port, has signed the agreement for the mega project development with Dubai-based DP World’s Indian subsidiary Nhava Sheva(India) Gateway Terminal (NSIGT).
The construction of the container terminal project was awarded to PSA Bharat Investments Private Limited on design, build, finance, operate and transfer (DBFOT) basis.
Sulayem said the new development would not have been possible without the dedication and commitment of the Government of India to the country’s trade community.
“As the busiest gateway and hub in India, Nhava Sheva has been constrained in the past by lack of facilities, which has impacted trade. We at DP World are proud to bring new capacity to this vibrant city and the fast growing economy of India.
The new terminal will serve India for generations to come and help speed goods to market, stimulating trade, contributing to economic growth, which in turn contributes to the development of communities and individuals,” said Sulayem.
For the last five years, India’s premier port has been in critical need of capacity with container trade rising. The building of greater capacity is part of the port’s long-term vision, said Anil Singh, senior vice-president and managing director, DP World Subcontinent.
“Nhava Sheva Gateway Terminal will provide the immediate relief that the trade community urgently requires and we at DP World are fast tracking the project to commence operations as early in 2015 as possible and we have already placed the order for the cranes that will be installed,” Singh said.
The new terminal will add 800,000 TEUs of container capacity to the port, and help ease congestion, as the port is currently operating beyond capacity. The facility is expected to be operational in 2015, DP World, the world’s third largest container terminal operator, said last year.
The new quay will be equipped with four rail mounted quay cranes and 12 rubber-tyred gantry cranes.
As one of the strongest emerging economies in the world with a burgeoning middle class population, India offers immense potential for growth. With Nhava Sheva Terminal, DP World will contribute even more to India’s growth, offering customers the ability to grow and expand their business in India more efficiently, the port operator said.
In January, a consortium, comprising DP World and Mumbai-based JM Baxi Group, was selected to build and operate a new container terminal at Visakhapatnam.
In March last year, DP World’s Vallarpadam terminal in Kerala received its first transhipment mainline service, becoming India’s first and only transshipment hub.
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