APM Terminals Eyes $2 billion Investment in Indian Port

Danish shipping company Maersk said on Thursday its APM Terminals unit may invest around $2 billion in the Pipavav Port in western India.

Maersk said in a statement it had signed a memorandum of understanding with the Gujarat Maritime Board on increasing capacity at the port.

“Subject to a long-term concession agreement with Indian authorities, the expansion will significantly enhance the port’s capacity and capabilities,” it said.

Maersk said it had also signed memorandums of understanding with several shipyards on exploring deeper cooperation.

“India possesses significant infrastructure capabilities that Maersk wishes to capitalise on,” it said.

(Reuters)