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Krishnapatnam Port eyes 42% growth in FY-14

Krishnapatnam Port eyes 42% growth in FY-14
Highlights

Targets to handle 30 million tonnes of cargo in current fiscalA Currently operating 10 berths, plans 42 berths in 10 years It has a dedicated...

  • Targets to handle 30 million tonnes of cargo in current fiscalA
  • Currently operating 10 berths, plans 42 berths in 10 years
  • It has a dedicated railway line to port
Planned with total outlay of Rs 17,000 crore, the private port, promoted by CVR Group, witnessed Rs 7,300 crore investments till date portKrishnapatnam (IANS): Privately-run Krishnapatnam port , which recorded 40 per cent growth in cargo handling and revenue during the 2012-13 financial year, is aiming 42 per cent growth in cargo at 30 million tonnes in the current fiscal. Chief Executive Anil Yendluri said on Tuesday that the revenue during the year was around `940 crore against `630 crore during 2011-12. The all-weather port in Nellore district on the East Coast handled 21.12 million tonnes of cargo against 15.4 million tonnes in the previous year. With 16 million tonnes, coal accounted for the bulk of the cargo followed by 1.5 million tonnes fertilizers and one million tonnes of edible oil. Krishnapatnam Port Company Limited (KPCL) expects to handle 30 million tonnes of cargo during the current financial year. Yendluri attributed the growth to increased number of liners, different types of cargo handled and more number of destinations connected, especially in Southeast Asia. KPCL, promoted by Hyderabad-based CVR Group, also Tuesday made functional another container terminal, the second at the port and the largest and deepest draft container terminal on the east coast. The company has invested Rs1500 crore on the terminal which was dedicated to the nation by Chief Minister N Kiran Kumar Reddy on Tuesday. The terminal has a capacity of 1.2 MTEUs (Million Twenty-foot Equivalent Units), which can go up to six MTEUs in next few years. Spread over 6,500 acres and located about 180 km from Chennai, the port currently has 10 berths and plans to have 42 berths in 10 years, with a capacity to handle 200 million tonnes. This will make it the largest port in the country, overtaking the first and second biggest ports put together in terms of capacity. The total cost of the project is Rs 17,000 and is expected to be completed in 10 years. The company has so far invested Rs 7,300 crore. The investment in the first phase was Rs 1,400 crore. Under the second phase to be completed next year, the company will add 11th berth. The jetties for LNG and petrol and LPG will also be ready in a year. Inaugurated in 2008, the port had registered good growth in the initial years due to the boom in iron exports. At one time, iron ore was 70 percent of the total cargo handled but it has now completely disappeared due the ban on iron ore exports. "We changed the cargo profile by developing infrastructure for coal cargo. Today we are the second or third largest port in the country handling coal," said Anil. KPCL is also expanding the dedicated railway line connecting the port. The total cost of the project is Rs 1,300 crore. The company in a joint venture with Indian railways and Andhra Pradesh government has already completed 24-km Krishnapatnam-Venkatachalam line. Under the second phase, the port will be connected to Obulavaripalli in Kadapa district while the third phase will involve doubling of the first phase. The company is also hoping to get further boost with the government of India deciding to extend Bangalore-Chennai industrial corridor to Krishnapatnam. Our Bureau adds from Nellore: Anil Yendluri claimed that Krishnapatnam Port would soon become the biggest port in the entire world. The port will enter the Limca Book of Records, he added.
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