Private equity firm 3i Group has picked up a minority stake of US$61 million in the Krishnapatnam Port Company (KPC) through its Indian arm, 3i India Infrastructure Fund.
KPC is seen as an investment opportunity in a high quality port asset being developed on the country's eastern coast.
KPC is promoted by the Hyderabad-based Navayuga Group which has been awarded a 30-year concession (extendable to 50 years) to develop, operate and maintain the Krishnapatnam port. Given on a landlord port model, Krishnapatnam is a natural, deep water, all-weather port with 12km of quays in the state of Andhra Pradesh. On its completion, the port will be able to handle about 100 million tonnes (mt) of bulk cargo. It is expected that India’s port sector will grow strongly due to growing international trade and current port capacity constraints.
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