International private equity firm 3i Group's India Infrastructure Fund has invested around $161 million (Rs 802.9 crore) for a minority stake in Krishnapatnam Port Company (KPCL), promoted by the Hyderabad-based Navayuga Group.
KPCL was awarded a 30-year concession (extendable to 50 years) to develop, operate and maintain the Krishnapatnam port. Inaugurated last July, the port is expected to handle about 100 million tonnes of bulk cargo when fully completed, said a press release.
“Krishnapatnam Port Company provides us with an opportunity to invest in a high quality port asset being developed on the east coast of India," said Anil Ahuja, head of 3i’s Asia operations.
“The Krishnapatnam port will have best-in-class infrastructure including a deep draft, adequate land area and excellent road and rail connectivity," said C V Rao, chairman, Navayuga Group.