DP World, a Dubai-based, $3-billion port operator, has no plans to sell a stake in any project in India.
In the past one year, the company has sold off partial stakes in its Russia and Hong Kong ventures, mainly to write off its debts.
DP World had a net debt of 2.87 billion in 2012, down from 3.58 billion in 2011.
But, the company maintained that the selloffs were due to good valuations in matured markets, and not to reduce debts.
“We don’t sell where there is growth. We only sell in matured markets where there is no growth. The money we get from matured markets, we put in emerging markets.
"So, we sell in Australia, in Hong Kong, but not in India, where there is growth, said the DP World Chairman, Sultan Ahmed Bin Sulayem.
“The only exception (to this trend) is London Gateway because the port is in the middle of the city, while the other nearest port is at least l20 miles away,” said Sulayem.
He was in India to sign an agreement to develop a 330-metre container terminal in JN Port at an investment of about $200 million.
Asked about the trend of DP World selling assets in a bid to reduce debt, Sulayem refuted: “Our balance sheet is strong. Our debt to ebitda is only two.”