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Tuesday, November 24 - 2009

DP World completes 100% ownership of Chennai Container Terminal

  • United Arab Emirates: Saturday, May 31 - 2008 at 09:41
  • PRESS RELEASE

Global marine terminal operator DP World has confirmed the company's 100% ownership of the container terminal at Chennai Port, completing the buyout of its partners' shareholdings in Chennai Container Terminal Pvt Ltd - Chettinad Logistics (20% stake) and the Jakari Group (5% stake).

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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 this decision.

The price of the buyout was not disclosed.

DP World Senior Vice President and Managing Director of the Indian Subcontinent region and Chairman of Chennai Container Terminal Ganesh Raj said "We value the long relationship with both partners and the company remains committed to realising its objective of expansion of the terminal in the near future."

CEO of Chennai Container Terminal Ennarasu Karunesan said "The move to 100% ownership reflects the great commitment and belief by DP World in the terminal development in particular and to the employees of Chennai Container Terminal."
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Rowena Ribeiro
Tel: +91 22 22610570

About DP World

DP World is one of the largest marine terminal operators in the world, with 43 terminals and 13 new developments across 28 countries . Its dedicated, experienced and professional team of nearly 30,000 serves customers in some of the most dynamic economies in the world.

DP World aims to enhance customers' supply chain efficiency by effectively managing container, bulk and other terminal cargo.

The company constantly invests in terminal infrastructure, facilities and people, working closely with customers and business partners to provide quality services today and tomorrow, when and where customers need them.

In taking this customer-centric approach, DP World is building on the established relationships and superior level of service demonstrated at its flagship operations in Dubai - Port Rashid and Jebel Ali. Jebel Ali has been voted "Best Seaport in the Middle East" for 13 consecutive years. DP World's international achievements were recognised in 2006, when Lloyd's List's awarded it the prestigious Port Operator of the Year Award.

In 2007, DP World handled more than 43.3 million TEU (twenty-foot equivalent container units) across its portfolio from the Americas to Asia - an increase of 18% on 2006. It has global capacity of more than 48 million TEU, 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. Capacity will rise to around 90 million TEU by 2017.

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