3i buys stake in KPC for Rs 800 cr

NEW DELHI: Private equity firm 3i has picked up a minority stake in the Navayuga Group-promoted Krishnapatnam Port Company (KPC) for about $161 million (Rs 800 crore). The investment has been routed through 3i India Infrastructure Fund.

KPC has a 30-year concession, extendible to 50 years, to develop, operate and maintain the Krishnapatnam port. The first phase of the project has already been completed and the port is operational.

The port is expected to handle about 100 million tonnes (MT) of bulk cargo when the project is fully completed in four to five years. Krishnapatnam is located in in Andhra Pradesh.