DP World completes 100% ownership of Chennai Container Terminal
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).
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.’
