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IT city to comeup in Vizag:

The Visakhapatnam Urban Development Authority is planning to develop an IT City near Madhurawada.

A MoU has been signed with the state government on the project and it is going to be developed on a public-private partnership model.

Vuda will constitute a special purpose vehicle (SPV) to execute the IT City project. Andhra Pradesh Urban Infrastructure Asset Management Ltd (APUIAML), a joint venture between the state government and IL&FS, will handhold Vuda throughout the entire trajectory of the project.

The IT City would be equipped with a major institutional area along with social infrastructure as well, to cater the needs of the residents residing in the area.  

The project is coming up in a 20-acre area which would be sufficient to create more than 2 million square feet built-up area in the future if the need arises.

The special purpose vehicle would be started in 2-3 weeks time. And It tower would be constructed first to gauge the demand.

Around 40 IT companies have already evinced their interest to take up space in the project.

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