India, 20th October 2023: DP World, a leading global provider of smart end-to-end logistics, and the Cochin Port Authority, today, signed two Memorandums of Understanding (MoU) to unlock the next phase of capacity and capability expansion at the port. The first MoU will witness DP World implement Phase I of a Free Trade Warehousing Zone (FTWZ) at Cochin Port. The second MoU will see the logistics major enhance its cargo handling facilities at International Container Transshipment Terminal (ICTT)/ India Gateway Terminal Private Limited (IGTPL) at Cochin Port.
Once operational, the proposed DP World owned and operated Cochin Integrated Business Park (Q1 2024) will be the first Free Trade Warehousing Zone development in Kerala and the first one to be co-located alongside a terminal in the country. 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. Similarly, the second MoU will expand ICTT’s capacity as well as enhance operational efficiency thereby attracting more cargo and liner services.
Speaking about the MoU, Shri Vipin R. Menoth, Traffic Manager, Cochin Port Authority said, “We are extremely happy to sign two Memorandums of Understanding with DP World that will strengthen our credentials as the best port in South India along the west coast. We are excited to welcome the proposed FTWZ that 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.”
Commenting on the MoU, Shri Devang Mankodi, Global Shared Services, DP World India and Director, IGTPL, DP World, Cochin said, “We share Cochin Port Authority’s vision of making trade possible for businesses in South India. Our collaboration with Cochin Port Authority has helped us 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. 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.”
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. The company has also announced the development of a new greenfield terminal at Tuna-Tekra that has an annual capacity of 2.19 million TEUs. Once Tuna-Tekra commences operations, DP World’s combined capacity in India will increase to 8.19 million TEUs.