Led by Anil Yendluri, CEO, the Andhra Pradesh-based Krishnapatnam Port's container terminal began operations last month. The port will invest $2 billion in the next six years to ramp up capacities in its second phase. "In the second phase, we are looking to increase the capacity by another 4.8 million TEUs thereby taking the total capacity of the terminal to 6 million TEUs," Yeduri reportedly said. The company plans to add seven more berths in the second phase and increase the draft to 18 m. It currently has two berths and a draft of 13.5 m. The project will be funded through internal accruals, bank loans and private equity funding.
The Krishnapatnam Port is promoted by Hyderabad-based CVR Group whose flagship Navayuga Engineering Company Ltd (NECL) is an EPC contractor. At its peak in FY10, it handled 16.13 million tonne cargo from 407 vessels because of the boom in iron ore exports.