DP World has signed a Memorandum of Understanding (MoU) with the state government of Tamil Nadu on a series of investments in the South Indian state.
Signed on 11 September, the logistics operator will invest Rs 2,000 crore ($271.5 million) to establish a container terminal amongst other developments on the Eastern Coast of Tamil Nadu.
Additionally, DP World will invest in projects including a cold storage and seafood processing zone, free trade zone with an integrated rail siding, and inland container depots (ICDs) in Erode, Karur, and Tiruppur.
The MoU was signed in the presence of Tamil Nadu chief minister M K Stalin, industry minister Thangam Thennarasu, Rizwan Soomar, MD, DP World Asia, Ranjit Ray, CEO, DP World FTWZ and Ramesh, DP World, FTWZ, Chennai, among other state government officials including the chief secretary.
DP World had entered Tamil Nadu in 2001 and developed Chennai Container Terminal (CCTL) with four berths to handle one million TEU inside Chennai port.
Subsequently in Tamil Nadu, DP World also established container freight facilities, cold storage and three PL warehousing facilities.
The projects could create employment 4,500 people (1,500 direct and 3,000 indirect), a government official said.
