Sagarmala Development Company to pour Rs.125 crore - Feedback

Sagarmala Development Company (SDCL) will make an investment of Rs.125 crore in Krishnapatnam Railway Company (KRCL), a special purpose vehicle (SPV) formed to provide rail connectivity between Krishnapatnam Port and Obulavaripalle in Andhra Pradesh.

In-principle approval has been accorded by the Board of Directors for infusion of up to Rs 125 crore in the form of equity in Krishnapatnam Rail Company. KRCL includes 30 percent equity by RVNL and KPCL each, 12.96 percent by Andhra Pradesh Government, 14.82 percent by NMDC and 12.22 percent by Brahmani Industries. Total cost of project between Krihsnapatnam Port and Obulavaripalle is estimated at Rs 2,198.50 crore. Of the total, Rs 1,458.9 crore will be met through debt, as per the financial information memorandum by SBI Capital Markets.

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