DP World and Jawaharlal Nehru Port hold ceremonial signing for Nhava Sheva Gateway Terminal

DP World and Jawaharlal Nehru Port held a ceremonial signing of the concession awarded to DP World to construct and operate a new container terminal at the port.

DP World received the Letter of Award for the new Nhava Sheva (India) Gateway Terminal project in November last year.

The ceremonial concession document was exchanged between the Honourable Minister of Shipping Shri GK Vasan and HE Sultan Ahmed Bin Sulayem, Chairman of DP World. The concession was signed by Shri NN Kumar, Chairman of Jawaharlal Nehru Port and Anil Singh, Senior Vice President and Managing Director, DP World Subcontinent Region.

Attending the ceremony were dignitaries from the Government of India and senior members of Jawaharlal Nehru Port Trust and DP World.

The new 330 metre berth with 27 hectares of yard will add 800,000 TEUs (twenty foot equivalent container units) of container capacity and help ease congestion at Jawaharlal Nehru Port. DP World will invest around US$200 million to build the terminal, which is expected to commence operations in 2015. The new terminal is adjacent to the Nhava Sheva International Container Terminal (NSICT), which DP World currently operates.

HE Sultan Ahmed Bin Sulayem, Chairman, DP World, said: "We thank the Government of India and the Jawaharlal Nehru Port Trust for their confidence in our ability to support the growth of India's vibrant economy through the construction and operation of new state of the art, modern infrastructure in the country's busiest port. With a 17 year concession period, we are investing for the long term and we look forward to continuing to work with Jawaharlal Nehru Port Trust into the future."

Anil Singh, Senior Vice President and Managing Director, DP World Subcontinent said: "We have worked closely with Jawaharlal Nehru Port Trust over the years. We were the port's first private partner in 1997 with NSICT, and together with the port we have played a key role in serving India's growing trade over more than a decade. I take this opportunity to thank the Jawaharlal Nehru Port Trust for their continued support over the years, and also for giving us the opportunity to partner with the port once again to provide world class facilities for India's trade."

The new container terminal will be equipped with four (4) modern rail mounted quay cranes and twelve (12) rubber tyred gantry cranes.

Source : Equity Bulls

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