Home » Krishnapatnam Port holds talks with PEs to offload stake

Krishnapatnam Port holds talks with PEs to offload stake

Krishnapatnam Port holds talks with PEs to offload stake

Media reports indicate that Krishnapatnam Port Company is holding discussion with some private equity funds to offload 6 percent stake and thereby mop up Rs 1,200 cr.

The company wants to raise capital in order to expand the capacity of the port to 75 mn tonne from the current 50 mn tonne. It has plans to ramp up capacities to 100 mn tonne.

In 2009, the port sold 9.2 percent stake to 3i Group Plc for $161 mn. Now, it is rumoured that 3i Group wants to sell this stake as part of its global strategy to exit India investments.

The port authority is implementing various projects including the pipeline infrastructure, liquid cargo, terminal and Ro-Ro terminal. The Port has easy access to the Hinterland by road, rail and air. It is strategically located in close proximity to the primary hinterland covering Andhra Pradesh, Karnataka and north Tamil Nadu.

Last year, it opened the gates of its world class container terminal for trade, connecting India with Eastern and Western parts of the world.

Krishnapatnam recorded 40 percent growth in cargo handling during the 2012-13. A total of 21.12 mn t cargo was handled as compared to 15.42 mn t in previous year.

Leave a Reply