Krishnapatnam Port Company Limited has finalised plans to set up a liquid cargo terminal, which will be biggest on the east coast, while adding three more births this year to existing 12 as a part of its expansion plans.
Located in Andhra Pradesh, the port is in the process of taking up expansion of various facilities, to cater to the growing demand and traffic. This would mean addition of three more births to 12 in operation now, expanding warehousing capacity from 2 million sq.ft by adding about 0.4 million sq.ft and container terminal capacity from 1.2 TU to 2 TU.
Sharing the company expansion plans on the sidelines of the Smart Logistics Summit hosted here today, Anil Yendluri, Chief Executive Officer and Director of Krishnapatnam Port, said.
Strong growth
“The port is witness to a strong growth and the first quarter has been very buoyant. Given this backdrop, we expect to see a growth of about 25 per cent this fiscal.”
“To meet the growing demand, we are not only adding three more births, warehouse capacity and container terminal handling capacity, which are likely to entail investment of about Rs 300 crore this fiscal, we are in the process of finalising setting up of a liquid cargo terminal,” he said.
“After the demonetisation and implementation of the GST, the business was temporarily impacted. However, the performance during the first quarter this fiscal and the various economic indicators point towards a strong growth. In order to meet the growing demand, we are expanding and also setting up new facilities,” he said.
“The liquid cargo terminal is something we have been planning for some time and now we have finalised to set it up. Most of the clearances are in place and we expect to complete it within 12-18 months,” the CEO said.
LNG handling
The terminal, which can handle LPG and other liquid cargo, would also be later developed to handle LNG if there is requirement. This is expected to come up on a 500 acre site in the port area.
The Port Company closed last financial year with a turnover of over Rs 1900 crore. With a growth of about 25 per cent, it expects to achieve revenues of over Rs 2400 crore.