Visakhapatnam is the largest IT destination in the State with an annual turnover of ?2,000 crore. more-in An iconic tower, residential, commercial and social infrastructure proposed by Visakhapatnam Metropolitan Region Development Authority (erstwhile VUDA) as part of the IT City project at Madhurawada has created a lot of excitement among the IT fraternity. The city is the largest IT destination in the State with an annual turnover of ?2,000 crore. Conduent, Franklin Templeton and few other leading companies are planning massive investment in the city in the field of IT and IT enabled services. “We are already the numero uno in the country in bagging a large number of seats under India BPO Promotion Scheme and projects like this will certainly take us to the next level,” IT Association of Andhra Pradesh president-elect Sridhar Kosaraju told The Hindu. On several occasions, Rushikonda IT Park Association vice-president O. Naresh Kumar has stressed the need for developing the Raheja Mindspace-type IT parks, affordable housing, social infrastructure and release of concessions promised under the IT policy on time as the pre-requisite to make Visakhapatnam into one of the leading IT hubs. SPV to be formed To overcome the skill gap in the high-end areas, International Institute of Digital Technologies, Tirupati will be opening its campus in Visakhapatnam with a PG diploma programme in artificial intelligence and machine learning shortly. The VMRDA is now in the process of forming a special purpose vehicle (SPV) to implement the project envisaging creating 2.2 million square feet built-up space for the plug-and-play facility along with shopping malls, club houses, residential complexes, recreational and other infrastructure in 22.19 acres. It has sought expression of interest (EoI) from reputed developers. The project envisages creation of iconic tower with 1.2 million sft, commercial and social space seven lakh sft and residential facility three lakh sft. The MoU for the project was signed during the CII Partnership Summit held in the city in February this year. The project site is located in Survey Nos. 394, 395, 396 and 397. It will be taken up for construction under the PPP mode. The VMRDA will have the equity in lieu of the site it will provide for the development.

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