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Indiaexportnews.com

Krishnapatnam commissions 1.2 million-TEU terminal

  05.10.2012    

Krishnapatnam Port, which started as a bulk cargo port 200 kilometres north of Chennai on India's east coast, has commissioned the building of phase 1 of a INR55 billion (US$1.05 billion) container terminal with an annual capacity of 1.2 million TEU, reports New Delhi's Business Standard.
"The project is, and will continue to be, funded through internal accruals, bank loans and private equity funding," said Krishnapatnam Port CEO Anil Yendluri, adding that he has one PE fund on board, but would not disclose further funding details.
Mr Yendluri said the second phase, to be completed in five to six years, will increase capacity another 4.8 million TEU, bringing total capacity to six million TEU.
Some INR110 billion in the second phase will take the total capital expenditure in the project to INR165 billion.
"In the first phase which is now commissioned, the port has two berths and a draft of 13.5 metres. The company plans to add seven more berths in the second phase and increase the draft to 18 metres," said the report.
The port is promoted by Hyderabad-based CVR Group whose flagship Navayuga Engineering Company Ltd (NECL) is an EPC contractor. CVR has a turnover of INR55 billion and an orderbook of INR55 billion, the company said. These orders are in steel, power, port establishment, spatial technology and applications, information technology exports.
At its peak in 2010, the port handled 16.13 million tonnes and 407 vessels because of a boom in iron ore exports. But because of an export ban, tonnage dropped to 15.42 million tonnes in 2012, and the port started to look to the container business for expansion opportunities.


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