Krishnapatnam Port, which is expected to complete land acquisition for Smart City construction, has almost finished this key aspect of the project. After acquiring 5,000 acres, it is now looking at an additional 1,000 acres.

The ports Managing Director Chinta Sasidhar told ETimes that the Smart City-cum-Industrial area is planned at a cost of Rs 110 billion.

The Andhra Pradesh government will provide an additional 8,000 acres. The Japan Industrial Co-operation Agency will help in raising funds.

The project was among the ones announced in the 2014-15 Union Budget. This is expected to bring major developments in the Vizag-Chennai industrial corridor.

The Smart City was initially supposed to comprise 12,000 acres but the government later expanded the plan to make it a 14,000 acre project.

Krishnapatnam Port is promoted by the Hyderabad-based CVR Group. Its Navayuga Engineering Company (NECL) is the flagship entity and is the EPC contractor for the port. The group has done construction work for most major ports in India, including the Jawaharlal Nehru Port Trust in Mumbai.