The Joint Venture was signed between Mr. Jamal Majid Bin Thaniah, Vice Chairman & Group CEO, Ports & Free Zones World and Mr. R K Krishna Kumar, Chairman, TRIL and Director, Tata Sons in Mumbai. Also present on the occasion were Mr. Dinesh Chandiok, CEO & MD, TRIL, Mrs. Salma Hareb, CEO, Jafza & Economic Zones World and Mr Samir Chaturvedi Executive Vice President of Jafza International.
This Joint Venture company, will be engaged in developing a network of Business and Logistics Parks adhering to global standards of quality and excellence. The JV will be managed by a Board of Directors, which will see equal representation of both partners on the Board.
Announcing the formation of the JV, Mr. R K Krishna Kumar, Chairman, TRIL & Director, Tata Sons, stated,
“We are happy to be associated with a renowned organisation like Jafza International who are the global leaders in the field of Economic Zones, Business Parks and Logistics Park developments. This partnership is a key milestone in improving the infrastructure development in the country. Guided by a set of common values, this JV will share the best international practices through transfer of technology into the country, enabling us to serve the nation better and address emerging opportunities worldwide.”
Commenting on the initiative, H.E. Mr. Sultan Ahmed Bin Sulayem, Chairman, Dubai World the parent company of Economic Zone World and Jafza said: “India has been a major area of interest for Dubai World, and we have already shown our commitment to this great country, through our initiatives and investments in Ports, Terminals, Rail, multimodal transport and other Infrastructure developments. This Joint Venture will further expand our involvement in the Indian economy and start a new chapter in the already strong economic ties between India and UAE.”
“We believe the partnership with TRIL is the most effective way to build the scale and broaden our product portfolio necessary to compete globally,” said Mr. Jamal Majid Bin Thaniah, Vice Chairman & Group CEO, Ports & Free Zone World “The manufacturing industry in India is booming, and over the past two years Jafza International has invested substantial amount of time and resources in running feasibility studies and developing an India-wide strategy to set up business and logistics parks. With the Tata partnership, Jafza International is planning to expand its operations in India. The formation of the JV will yield long-term benefits for both Jafza International and TRIL.”
Mrs. Salma Hareb, CEO, Jafza and Economic Zones World, said, “Jafza International’s vision is to develop a global network of Business / Logistics Parks and Economic Zones. Our association with TRIL is a perfect blend of Economic Zones World’s expertise in developing business parks and TRIL’s strength with its world class real estate capabilities. This win-win partnership will leverage the resources and expertise of both companies for the successful development of business and logistics parks across India.”
She further added, “The Tata name signifies trust and reliability built on more than 150 years of business acumen. Their extensive operations in India and excellent understanding of the local market give this cooperative venture a strategic edge in an economy that is projected to become a global power house in the coming years.”
Jafza International signed an MOU with TRIL in May 2007, as a preliminary step towards the establishment of a joint venture company to set up logistics parks.
“This Joint Venture is an important step to strengthen our position in the market substantially and gives us a first mover advantage in Business and Logistics Parks. Both companies expect to benefit significantly from each other’s strengths and the partnership should enable us to create a leading industry player “said Mr. Dinesh Chandiok, CEO & MD, TRIL
The global logistics market is currently valued at $3.43 trillion, with a growth of 7.5% per year. The current market size of the Indian logistics industry is $90bn, estimated to grow over $125bn by 2010. The growth is estimated to be 16% per year.
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