Andhra Pradesh plans IT, business park in Madhurawada
VISAKHAPATNAM: The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has issued an expression of interest to develop a business park, in the name of ‘I-Space Business Park’. The park is envisaged to be developed in about 19-acre land pocket on hill number three in Madhurawada.
The core components of the proposed business park include IT/ITeS offices, commercial office space, business centre, etc. Auxiliary or support components would cover meeting and conference spaces, business hotel, serviced apartments, open air theatre, food and beverages facilities, etc.
The APIIC has proposed the development of this park through public-private partnership on a joint venture basis. The initial estimates of project implementation have been pegged at ₹2,300 crore.
Under the proposed joint venture model, the APIIC will get 26% stake in the special purpose vehicle created for implementation of the project. The balance 74% share is to be taken by the developer. The developer will be responsible for the preparation of a detailed project report, mobilise funds, brand building, etc.
Even though Vizag is home to several IT/ITeS offices, the city has long been waiting for the IT majors. The majority of the existing IT companies in the city are limited to business management processes and backend operation.
Several IT park proposals made in the last one decade have mostly remained on paper. Even the Visakhapatnam Metropolitan Region Development Authority also planned an IT park, which could not achieve any progress.
