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India's Krishnapatnam port secures $161m investment

India's Krishnapatnam port secures $161m investment

Mumbai: An infrastructure fund managed by British private equity company 3i Group Plc has approved a $161m investment in India's Krishnapatnam Port Company Ltd. KPCL has been awarded a 30-year concession for the Andra Pradesh-based deep water port on a BOT basis and is expected to cater to about 100m tonnes of bulk cargo upon completion.

Anil Ahuja, head of Asia at 3i told the Economic Times, "Krishnapatnam Port Company provides us with an opportunity to invest in a high quality port asset being developed on the east coast of India. The investment gives us an opportunity to partner again with the Navayuga Group, which has successfully commissioned the port within a record time of 18 months."

"The Krishnapatnam port will have best-in class infrastructure including a deep draft, adequate land area and excellent road and rail connectivity. We regard 3i as a string partner which understands the local infrastructure space and offers us a wide global network of contacts and experience," C.V Rao, Chairman of the Navayuga Group told the paper.  [24/02/09]