Krishnapatnam Port

Krishnapatnam Port popularly known as KPCL is a privately built and owned all weather, 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 18 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 KPCL.EtymologyThe port has its history back to Vijayanagar Emperor, when Sri Krishnadevaraya used to operate it. So, the name was given to it as Krishnapatnam Port.Establishment and promotersKrishnapatnam Port is India's largest private sector port. It was inaugurated on 17 July 2008 by the UPA Chairperson Sonia Gandhi. The port was built by the Navayuga Engineering Company Limited, the flagship concern of the CVR Group, under a build-operate-share-transfer agreement with the Government of Andhra Pradesh. The port covers an area of 4,553 acres. The BOST agreement, valid for 30 years and further extendable to 50 years, requires the promoters to pay 2.6% of the port's gross revenue to the Government of Andhra Pradesh for the first 30 years. From the 30th year, that share increases to 5.4% and from the 40th year to 10.8%. The agreement also requires them to develop the port in three phases with the first phase being completed by January 2008, the second phase by 2012 and the final by 2017.