DP World signs two initial pacts with Cochin Port Authority

Mumbai: Global logistics operator DP World on Friday said it has signed two initial pacts with the Cochin Port Authority to unlock the next phase of capacity and capability expansion at the port.

Under the first pact, DP World will implement the first phase of a Free Trade Warehousing Zone (FTWZ) at Cochin Port while the second pact will see the Dubai-based logistics firm enhancing its cargo handling facilities at International Container Transshipment Terminal (ICTT)/ India Gateway Terminal Private Limited (IGTPL) at Cochin Port, DP World said in a statement.

DP World currently operates five container terminals in India – two in Nhava Sheva, one each in Mundra, Cochin and Chennai – with a combined capacity of approximately 6-million TEUs.

Once operational, the proposed DP World-owned-and -operated Cochin Integrated Business Park will be the first FTWZ development in Kerala and the first one to be co-located alongside a terminal in the country, it said.

The facility is expected to be up and running in the first quarter of 2024, DP World said.

The synergies between ICTT and Cochin Integrated Business Park are expected to significantly enhance trade possibilities for international and domestic businesses and expand their markets while the second pact will expand ICTT's capacity as well as enhance operational efficiency, thereby attracting more cargo and liner services, the company said..

"The proposed FTWZ will boost trade in the region as the first FTWZ to be co-located alongside a terminal Cochin Integrated Business Park will open up new possibilities for Cochin port,” said Vipin R. Menoth, Traffic Manager, Cochin Port Authority.

DP World's collaboration with Cochin Port Authority has helped the company position ICTT as a gateway to international trade that connects the whole of South India to other parts of the country as well as to international markets, said Devang Mankodi, Global Shared Services, DP World India and Director, IGTPL, DP World, Cochin.

“With direct service lines to more than 12 Indian ports on both coasts, in addition to multiple international ports, we are committed to making DP World Cochin one of the best-connected terminals in the south of India,” he added.

DP World has recently announced the development of a new greenfield terminal at Tuna-Tekra that has an annual capacity of 2.19 million TEUs. Once this facility commences operations, DP World's combined capacity in India will increase to 8.19 million TEUs, the company said.