Krishnapatnam Port Co (KPCL) is planning to induct a strategic investor as it looks to become the largest transhipment hub on the East Coast of India.
According to Hellenic Shipping News, KPCL said it is in talks with investors for a proposed stake sale.
Chinta Sasidhar, Managing Director of KPCL, said: “We are looking at a strategic investor. Japanese (companies) have shown lot of interest.
“Our plan is to make KPCL into a transhipment hub for coal and iron ore handling on east coast.”
Transhipment involves offloading cargo from a mother ship at a single port and redistributing and supplying it through feeder vessels.
KPCL said it is looking to partner with Japanese companies such as Mitsubishi Corp. and Sumitomo Corporation.
It also plans to use the proceeds of stake sale to double its capacity from the existing 70 million tonnes to 140 million tonnes, a plan that requires an investment of around US$128 million.
Sasidhar concluded by saying that the company plans to increase cargo handling by 50% in the financial year of 2015-16.