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APIIC to develop 'Business District' in Visakhapatnam under PPP mode

It has zeroed in on the Port City to develop world class infrastructure to attract multinational companies in IT and ITES.

Published: 23rd June 2021 09:11 AM  |   Last Updated: 23rd June 2021 09:11 AM   |  A+A-

Logo courtesy: APIIC website

Express News Service

VIJAYAWADA: The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has planned to set up a Business District in 19 acres at Madhurawada in Visakhapatnam under the Public Private Partnership (PPP) mode. According to official sources, the project is envisaged on the concept of International Financial Services Centre, including business towers for commercial offices and other support infrastructure like star hotel and facilities for MICE (Meetings, Incentives, Conventions and Exhibitions). The APIIC has called for Expression of Interest (EoI) for Development, Operation and Maintenance of the Business District.

The government, which proposed Visakhapatnam as the executive capital of the State, is planning infrastructure development projects to make it an attractive destination for IT and IT Enabled Services.Disclosing the project details to TNIE, an official said the APIIC will have 26 per cent stake in the SPV created for execution of the joint venture and the balance 74 per cent stake has to be taken by the developer, who will be selected through competitive bidding. 

The selected entity will be responsible for designing, engineering, financing, procurement, construction, operation and maintenance of the project in partnership with APIIC, he said. When contacted by TNIE, Advisor (Industries) Lanka Sridhar said the government is focusing on development of infrastructure in the State to attract industries. It has zeroed in on the Port City to develop world class infrastructure to attract multinational companies in IT and ITES.

The government wants to create a business friendly atmosphere for investors by extending them all the support like providing skilled manpower and other facilities and Vizag is the most suitable location for it not only in Andhra Pradesh but also in India, he asserted. “We are going to offer customised buildings with a green concept and provide world class infrastructure at affordable cost to investors,’’ Lanka Sridhar added.



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