DP World is planning an initial public offering (IPO) for its Indian business after being given government approval to create a holding company in which all its local terminals will be consolidated.
The new firm, named Hindustan Ports Pvt. Ltd. (HPPL) is required to have a net worth of more than US$80m following the restructuring, as part of the approval’s conditions.
The Dubai-based company is currently the largest foreign terminal operator in India, having invested US$1.2bn in six facilities in Chennai, Cochin, Mumbai (two terminals in Jawaharlal Nehru Port), Mundra and Visakhapatnam.
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