UAE firm completes buyout of Chennai Container Terminal

May 31st, 2008 - 6:33 pm ICT by admin  

Dubai, May 31 (IANS) Leading global marine terminal operator DP World has announced its 100 percent takeover of the container terminal in India’s Chennai Port. The United Arab Emirates (UAE)-based company said in a statement that it bought out the stakes of Chettinad Logistics (20 percent) and the Jakari Group (5 percent) in Chennai Container Terminal (CCT).

“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,” DP World senior vice-president and chairman of CCT Ganesh Raj said.

CCT chief executive Ennarasu Karunesan said the move for 100 percent ownership reflected “the great commitment and belief by DP World in the terminal development in particular and to the employees of Chennai Container Terminal”.

The CCT is the oldest container terminal in the subcontinent and the largest in India’s east coast.

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