Indian official welcomes DP World
Dubai Ports World is not in danger of violating antitrust laws in India, Minister of Commerce and Industry Kamal Nath said during a visit to Dubai this week, according to the Khaleej Times.
The $6.8 billion acquisition this month of Peninsular and Oriental Steam Navigation company brought three large container terminals in Mumbai, Chennai and Gujarat into the company’s portfolio in addition to existing operations in Kochi and Visakhapatnam.
A transport workers union had claimed that DP World is poised to become a monopoly because it handles just under half of the 4.3 million TEUs that move through Indian ports.
Nath said India welcomes foreign investment from Dubai and other sources. Fierce opposition in the U.S. Congress over whether DP World could be trusted to maintain security forced the company to abandon its efforts to retain U.S. terminal operations it gained in the P&O deal.
“It is strange that such opposition has come from a country that advocates globalization and free trade,” the Khaleej Times quoted Nath as saying.
Indian official welcomes DP World
