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Dubai: Marine terminal operator DP World on Saturday confirmed the company's 100 per cent ownership of the container terminal at Chennai Port.
The full acquisition follows the buyout of two of its partners - Chettinad Logistics' 20 per cent and Jakari Group's 5 per cent - stakes in Chennai Container Terminal.
DP World's focus on expansion of its terminal business in Chennai combined with a strong growth trend in South Indian trade and the partners' desire to reinvest resources in their respective core businesses were the main drivers of the decision, the company said in a statement yesterday. The price of the buyout has not been disclosed.
"We value the long relationship with both the partners and the company remains committed to realising its objective of expansion of the terminal in the near future," Ganesh Raj, DP World senior vice-president and managing director of the Indian Subcontinent region and chairman of Chennai Container Terminal, said.
"The move to 100 per cent ownership reflects the great commitment and belief by DP World in the terminal development in particular and to the employees of Chennai Container Terminal," added Ennarasu Karunesan, chief executive of Chennai Container Terminal.
DP World is one of the largest marine terminal operators in the world, with 43 terminals and 13 new developments across 28 countries.
In 2007, DP World handled more than 43.3 million TEUs (twenty-foot equivalent container units) across its portfolio from the Americas to Asia - an increase of 18 per cent on 2006.
It has a global capacity of more than 48 million TEUs, which is set to increase significantly in coming years with a committed pipeline of expansion and development projects in key growth markets, including India, China and the Middle East.
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