The Krishnapatnam port in Andhra Pradesh is drawing up plans for setting up a special economic zone (SEZ) on 12,000 acre of land in its vicinity. The company has formed a special purpose vehicle (SPV) – Krishnapatnam Infratech Private Limited (KIPL) – and secured formal approval for the project. The port already has about 2,400 acre of land in its possession and will acquire the remaining in phases. The Rs 60-billion project, upon completion, will employ about 30,000 people directly and 150,000 indirectly. The port has acquired land directly from private parties and through the state arm Andhra Pradesh Industrial Infrastructure Corporation.