DP World has announced it has completed the full acquisition of the Chennai Container Terminal after buying the shares of Chennai Terminal Private Group's partners Chettinad Logistics [20 per cent] and Jakari Group [five per cent] DP World's decision to finalise the deal was prompted by several reasons, most important of which is to focus on the expansion of work at its stations in Chennai and which was associated with the rising growth in southern India.
Also the partners had had the desire to re-invest resources in their field. No price was given though.
Ganesh Raj, Senior Vice-President and Managing Director of the DP World Subcontinent region, and Chairman of Chennai Container Terminal, stressed commitment to achieving the goal of expanding the terminal.
The Container Terminal in the Port of Chennai is be the oldest container terminal in the country.
The terminal was formally taken over by P&O. Ports and operations commenced on November 30, 2001. At the time CCT took over operations, Chennai port was handling 350,000 TEUs per annum.