Japanese blow cold on Indian port investment
The Japanese trading houses of Mitsui & Co and Sumitomo Corp have decided to put plans to invest in the Indian port sector on hold, despite having indicated an interest for more than a year.
Sumitomo noted that it had been looking to invest in Indian ports given Japan’s burgeoning trade ties with the South Asian state and in the anticipation of further growth in the future. However, in recent months, it had decided to slow down activities “because the assets of private Indian ports are generally high compared to other countries”.
Mitsui, for its part, had been looking at port investment opportunities in south or west India.
Both companies had wanted to acquire either a minority stake in a terminal or even assume operational control in support of rising trading volumes and had had talks in respect of this with L&T’s Kattupalli facility, Gammon Infrastructure’s berth at Vizag, and the MARG Group’s Karaikal port.
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