CHENNAI: The diversification of exports by Tamil Nadu has wooed DP World, the global end-to-end supply chain solutions provider to commence operations at its Integrated Chennai Business Park at Vallur, said Ranjit Ray, Vice President- Economic Zones, Middle East, North Africa, and Subcontinent.
The warehouse zone in Chennai, which is being set up in 125 acres of land is the largest of the three Free Trade Warehousing Zones (FTWZ) the company has set up in India. The first phase project on 6 lakh sq.ft in Chennai was inaugurated in October and the company plans to achieve occupancy of 70% by the end of this financial year. “The occupancy at present is around 12-15%. The second phase is likely to be completed by 2027,” said Ray.
Stating that Chennai is a hub for trade with South East Asia and Australia, Ray said DP World is looking to serve several sectors, including electric vehicle components, electronics, industrial electronics, information technology, telecommunication, healthcare, chemicals and petrochemicals by providing them with a strategic base in the domestic market. “We are keen to serve pharma players as our cold storage facility could cater to them,” said Ray.
He further said DP World had announced an investment of `1,700 crore to build three FTWZ in Mumbai, Kochi and Chennai. “Nearly 45% of capex has already been spent. Once the facilities will be ready in three to four years, about 4 million sq.ft of warehouse space would be available,” he said.