DP World, in partnership with global investment firm Caisse de dépôt et placement du Québec (CDPQ), have entered into a long-term agreement with Indonesian conglomerate Maspion Group to start construction of an international container port and industrial logistics park in Gresik, East Java.
Work on the US$1.2 billion project is expected to begin in the third quarter of 2021.
Under the agreement, a joint venture company will be established between DP World and CDPQ's global investment platform and Maspion Group. DP World Maspion East Java will become the sole operator of a modern international container port with design capacity of up to three million TEUs.
DP World and CDPQ will also work with Maspion Group to develop an integrated industrial and logistics park adjacent to the container terminal.
