HYDERABAD: Lepakshi Knowledge Hub on Friday entered into a joint venture with the $3.4 billion GEM and Vittal Innovation City to develop a 2,650acre HiTech Electronic City in Anantapur district.
The LKH is spread over 10,000 acres and the proposed HiTech Electronic City is expected to attract investments of more than Rs 11,000 crore besides creating employment for over 75,000 people in the next five to ten years.
While the Genevabased Global Emerging Markets (GEM) will pool investments required for the project, Vittal Innovation City led by N Vittal, former secretary in the Union ministry of electronics and telecommunications, will prepare a concept master plan and develop the project along with LKH.
An MoU was signed between the Government of Andhra Pradesh and the joint venture partners in this regard at the twoday CII Partnership Summit here on Friday.
"The HiTech Electronic City project will provide a strategic opportunity for India to leapfrog into electronics and IT hardware manufacturing on the lines of the IT software sector. Involvement of people like Gururaj, a veteran from the electronics industry, and N Vittal himself will add immense value to this prestigious mega project," said S Balaji, managing director of LKH.
Tthe upcoming electronic city will have several industry clusters including aerospace and defence, education and innovation, agri business, healthcare, science and technology, fashion and textiles, media and entertainment and logistics. "These clusters are in different stages of progress and will be ready as per the project plan in the next five to ten years," he explained.
As per the master plan, the joint venture proposes a green ecosystem including knowledgebased services, manufacturing, R D and incubation activities inspired by global hitechnology hubs like Silicon Valley in the US, Hsinchu in Taiwan and Tsukuba in Japan. It will also facilitate development of entire electronics ecosystem for innovation, R D and manufacturing.
The proposed initiative will be positioned into a special category for electronics, corroborated by the recent report of the central government's department of information technology (DIT), stressing the need for creating electronics clusters in India for national competitiveness in this area.