Krishnapatnam Railway Company Ltd (KRCL) said Tuesday it has received an investment of Rs 125 crore from Sagarmala Development Company for the development of a rail corridor connecting Obulavaripalli and Krishnapatnam Port.
KRCL is a special purpose vehicle joint venture by Rail Vikas Nigam Limited for connecting 114 kms Obulavaripalli (Kadapa district) and Krishnapatnam (Nellore) in Andhra Pradesh at a total estimated project cost of Rs 1,850 crore.
"The initiative will connect Krishnapatnam Port on the east coast with the network of Indian Railways at Venkatachalam at one point and Obulavaripalli on the other," KRCL said in a statement.
A 21 km Section of the project line from Krishnapatnam to Venkatachalam is fully operation since July, 2009 in single line and was converted to double line since March 2014.
Commenting on the development Anil Yendluri, Managing Director, KRCL said, "This is an extremely exciting project for KRCL. The new rail corridor connecting Kadapa city with Krishnapatnam Port will help optimise costs, accelerate growth whilst enhancing the city's EXIM competitiveness. This would result in huge savings both in freight costs and time to help develop Kadapa into a discrete trading cluster through multi-modal logistics solutions"
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