Project to come up in the Madhuravada region at a cost of Rs 2300 Cr
The AP government is making arrangements for this purpose.
APICC invites bids to set up the park.
The Andhra Pradesh state government has declared that it will run the administration of the state from the steel city, with effect from Dasara. The CM’s camp office will be relocated there soon.
Therefore, the AP government is taking urgent steps for the development of Visakhapatnam city. The AP government took steps to set up a data centre by the Adani group and an Inorbit mall and IT park by the Raheja group.
On Madhuravada Hill-3, the IT Business Park would be developed on a PPP basis on an 18.93-acre site.
The AP Industrial Infrastructure Corporation invited bids from interested parties. The park would offer amenities like commercial complexes, conference halls, business hotels, service apartments, open-air theatres, food and beverages, and parking amenities for the IT and ITES industries.
The park would be developed at a total cost of Rs 2300 crore. The share of the APIIC would be 26% of the cost of the project, while the share of the partners would be 74%. Of the total investment of Rs 2300 crore, the share of equity would be 40%. Accordingly, the APIIC contributed Rs 239 crore, while the partnering companies contributed Rs 681 crore. The rest of Rs 1380 crore would be procured through a loan.
The partnering companies should take care of the project design, construction, branding, and management.
