Adani Group has acquired Haifa Port in Israel last year in July, and other infrastructure heavyweights such as Larsen & Toubro and GMR Group have also lined up their investments.
The corridor which will connect India, United Arab Emirates, Saudi Arabia, Jordan, Israel, Greece and from thereon to major economies of Europe-France, Germany, Italy-will not just be a trade route helping to make India-Europe trade time 40% faster, but is also envisaged to be corridor of rail link, digital as well as infrastructure network for electricity and clean energy.
A senior official from Larsen & Toubro disclosed that the engineering and construction major is looking to bid for railway projects in the Middle East such as the Oman-UAE Railway Network Project, which will connect UAE’s Abu Dhabi with Muscat and Sohar Port in Oman. If the regional rail network between the two countries becomes part of the economic corridor then ships from India will be able to dock in at Sohar Port, located in northern Oman or Fujairah Deep Sea Port in northern UAE, without traversing through the volatile Strait of Hormuz.
In Saudi Arabia, L&T is engaged in energy projects associated with the NEOM Project, launched by Saudi Arabia’s crown prince Mohammed bin Salman Al Saud, who has also been instrumental in envisaging the India-Middle East-Europe Economic Corridor. L&T Construction will construct renewable energy infrastructure for the Green Hydrogen plant at NEOM, touted to be the world’s largest.
Across the Mediterranean Sea in Europe, GMR Group, which already has a presence in undertaking development of Crete airport, in Heraklion, Greece, is looking to further expand its presence.
“GMR is passionately exploring investment opportunities in the country (Greece), notably at Kalamata Airport,” said Srinivas Bommidala, Business Chairman-Energy & International Airports of GMR Group in September.
According to reports in the Greek media, Adani Group is looking to undertake investments in the ports of Kavala in the European country to strengthen its presence in the Mediterranean region.
“The investments in rail and shipping route capacities will bring down cost and transit times and position India well for meeting global product demands. It could not only be a credible alternative but perhaps a more viable and attractive route as compared to other initiatives in the neighbourhood,” said Adarsh Hegde, Managing Director, Allcargo Logistics Ltd. “The initiative marks a significant milestone in the realm of international trade and people to people connectivity through maritime and multimodal connectivity, bolstering logistics capabilities, and improving freight infrastructure. This positions Bharat as a central global hub for maritime commerce. Our commitment to this endeavour reinforces our belief in the sector and development of top-tier port and logistics facilities,” said Rajiv Agarwal, Managing Director and Chief Executive Officer, Essar Ports.
