News / Krishnapatnam Port in talks with Morgan Stanley and SBI-Macquarie to raise funds

Krishnapatnam Port in talks with Morgan Stanley and SBI-Macquarie to raise funds

🕔 August 12, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

Last week, local sources in India commented that Krishnapatnam Port Company is in talks with Morgan Stanley Infrastructure Fund and SBI Macquarie for a stake sale to raise R1,200 Cr (US$198 million) for its expansion.

Krishnapatnam Port is a privately built and owned deep water port on the east coast of India, located in the Nellore District of Andhra Pradesh. It is located about 190 km north of the Chennai Port and 25 km east of the city of Nellore.

The port is owned and operated by the Krishnapatnam Port Company Limited (KPCL) which is 92% owned by Hyderabad-based CVR Group. The London-based equity firm 3i Group Plc owns the remaining 8% equity in the KPCL.

The sources said that JM financial has been appointed as the lead manager to the transaction. 3i Group Plc could sell its stake as part of its global strategy to exit India investments.

The fund will be mainly used to expand the capacity of the port to 75Mn tonnes from the existing 50Mn tonnes.

Some of the new infrastructure facilities that are coming up on the virgin South side of krishnapatnam Port are Pipeline Infrastructure, Liquid cargo, terminal and Ro-Ro terminal.

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