VIJAYAWADA: The AP Industrial Infrastructure Corporation (APIIC) Limited has cancelled the allotment of 4,731.15 acres of land to the Krishnapatnam Infratech Private Limited (KPIL) for developing a special economic zone.
Apart from cancelling the allotment, the APIIC resumed the entire land without encumbrances and also forfeited the consideration received in public interest. The APIIC, for industrial and economic development of the area near Krishnapatnam Port through the development of Multiproduct Special Economic Zone (MPSEZ), had allotted 4,731.15 acres of land to the KPIL.
“However, even after lapse of 10 years since the conditional transfer of such huge extent of land near strategic location, KPIL has failed to take even basic steps to realise the joint purpose of establishing MPSEZ,’’ a notice served on the KPIL by the APIIC Zonal Manager A Nirmala Devi said. It added that the KPIL has violated the conditions of the transfer, defeating the very purpose of bestowing such a huge extent of land. So the APIIC decided to take back the land.