DP World to buy out 25% stake from its partners in Chennai arm
DP World will buy out from its partners the entire 25 per cent stake in DP World Chennai, which operates the private container terminal at Chennai port, to make it a 100-per cent owned terminal. The Dubai-based terminal operator will buy out 20 per cent stake from the Chennai-based Chettinad Logistics and the rest five per cent from the Behramjee Group for an undisclosed amount. Mr Ganesh Raj, Managing Director, Sub-Continent, DP World, confirmed the buyout without divulging any number. “It will take a couple of weeks to finalise the deal,” he told Business Line.
The private container terminal in Chennai is one of the oldest in the country. Originally, P&O Ports (DP World later took over the company’s terminals) commenced operations on November 30, 2001.
At that time the Chennai port was handling 3.5 lakh TEUs per annum, which has grown to 10 lakh TEUs a year.