DP World eyes Indian projects

Mumbai: DP World, the Dubai-based global ports group, is eyeing Indian projects after doubling first-half earnings.

The DP World Chief Executive, Mr Mohammed Sharaf, has been quoted as saying that the group is assessing 25 projects globally, particularly investment potential for additional quay space in India’s top container port Jawaharlal Nehru port.

“The Indian sub-continent is a dynamic market and we will continue to look there, and when opportunities come up, we will look at them very seriously and we will continue to invest for the longer term,” Mr Sharaf has observed.

DP world’s portfolio consists of 44 terminal all over the world, including three in India, one each at Mundra port, Chennai port and JN port, while the fourth one is coming up at Kochi port.

Despite a deteriorating global financial and economic scenario, in the half year to the end of June, DP World recorded strong revenue growth of 32 per cent to just under $1.6 billion, while EBITDA increased by 44 per cent to $652 million, with margins increasing to 40.8 per cent from 37.5 per cent.

In addition to “a very strong balance sheet,” the group, the report suggests, has access to $2 billion in unutilised funds for further investments in acquisitions and joint ventures.