The CVR Navayuga group promoted Krishnapatnam Port hopes to achive a cargo throughput of about 55 million tonne this year. The group plans to invest about Rs 8,000 crore in a phased manner to add more berths to have about 42 berths with over 200 MTPA capacity. The port will also have a dedicated container terminal in 600 acres.
Krishnapatnam Port Company Ltd (KPCL) signed an MoU with Petrogas and the government of AP for setting up a LNG (liquefied natural gas) regasification and floating storage terminal (FST) at an investment of $500 million. Petrogas Pvt Ltd is a JV between Isomeric Holdings Bhd of Malaysia and the Vijayawada based LEPL Ventures Pvt Ltd (LEPL).
The group is also in the process of setting up an industrial smart city in Nellore district in the port hinterland at an estimated cost of about Rs 10,000 crore. A special purpose vehicle (SPV) will be floated for the purpose along with the state government and the Japan International Cooperation Agency (JICA) for developing this hub in 6,000 acres.
CVR Navayuga Group owns 91% of Krishnapatnam Port along with family and friends while the balance 9.4% is held by the London-based equity firm 3i Group Plc. The total amount invested in developing the port so far is over Rs 8,000 crore and its debt equity ratio is about 3:1.