Krishnapatnam Port hopes to handle over 30m tones of cargo this year

Krishnapatnam Port hopes to handle over 30m tones of cargo this yearKrishnapatnam Port Co Ltd (KPCL) anticipates nearly 40-50 per cent growth in cargo to more than 30 million tones during the current financial year.

Revealing the company's anticipation, KPCL chief executive officer Anil Yendluri also said that imported coal would constitute the major chunk of the total cargo.

Speaking on the topic, Yendluri said, "We anticipate about 40-50 per cent growth during the current year with cargo set to cross 30 million tonnes during the current year. Coal alone accounted for about 22 million tones."

The increase in coal imports will make up for a significant decline in iron ore exports that came to almost zero.

During the financial year 2012-13, the company handled 21.2 million tonnes of cargo, including nearly 16 million tonnes of imported coal.

The increase in cargo will lead to increase in the company's revenues. The company's total revenues, which stood at Rs 630 crore in the previous financial year, will jump nearly 40 per cent to an estimate of Rs 930 crore.

Mr. Yendluri was talking to media persons on the sidelines of inauguration of high-tech Krishnapatnam Port Container Terminal by Chief Minister N. Kiran Kumar Reddy.

KPCL has plans to spend Rs 17,000 crore on the development the port. Of the estimated investment, Rs 7,300 crore has already been invested. The funds for the development have been arranged via debt and equity from a consortium of bankers.