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| Dubai crisis not to hit DP World's ops: chief |
| Press Trust of India / Mumbai Dec 14, 2009, 20:59 IST |
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Asserting that it has positive cash-flow position, debt-ridden Dubai World's subsidiary DP World, which operates container terminals in the country, today said the debt crisis would have no impact on India operations.
"The company has a positive cash-flow position and can continue its operations comfortably," DP World (Subcontinent Region) Managing Director Anil Singh told PTI here.
He also said that DP World's aggressive investment plans in India will remain unchanged.
Earlier, the government had expressed apprehensions over the impact of the Dubai crisis on some major ports in India, where DP World operates container terminals. Rating agencies had put DP World's Indian port projects on a negative watch.
After the news of Dubai World demanding a six-month standstill on its $59-billion debt broke last month, the Ministry of Shipping asked the ports associated with DP World to provide data to ascertain whether the crisis would have any repercussions on the country.
Dubai World holds an 80 per cent stake in DP World, which accounts for 40-45 per cent of container traffic in India.
DP World is the fifth-largest port operator in the world and is either operating or developing terminals at Mundra, Navi Mumbai, Kochi, Chennai, Visakhapatnam and Kulpi. Its investment in the country stands at over Rs 9,000 crore.
Globally, DP World, which operates 45 terminals in 29 countries, has a debt of $4.7-billion (June 2009) and a cash balance of $3-billion.
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