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471-acre land for Hyderabad Economic City cancelled

Published: 30th September 2012 10:57 AM  |   Last Updated: 30th September 2012 10:57 AM   |  A+A-

In tune with the state government’s changed land allotment policy, chief minister N Kiran Kumar Reddy on Saturday directed the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to terminate the 471-acre land allotment agreement for the Hyderabad Economic City at Sultanpur in Medak district.

The city was supposed to be developed by Ras-Al Khaimah (UAE). In 2008, during the tenure of former chief minister late Y S Rajasekhara Reddy, the state government had allotted the land and had signed an MoU with the government of RAK to develop the city. Four years on, the land remains unused and Kiran Kumar directed the APIIC to cancel the agreement.

The proposal was that the Economic City would be a combined integrated financial and health care city. RAK wanted the state government to allot 2,000 acres land for the purpose, but the government agreed to allot only 700 acres. It then allotted 471 acres under phase-1 of the project.

Activities like back office operations for banking, insurance and asset management companies, IT, BPO and IT parks etc were to be taken up. As far as health services were concerned, clinical and non-clinical services, hospitals, medical colleges, research services for clinical trials, drug delivery system, stem cell research, genetic research and several others were proposed.

The proposed investment size was around `20,000 crore.

The AP High Court recently wanted the CBI to probe RAK’s role in the Vanpic deal and questioned the CBI as to why it did not name any of the functionaries of RAK in the said case.

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