Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has sought counter-guarantee from the government for borrowing a loan of ₹1,000 crore for land acquisition in Nakkapalli and Atchutapuram areas of Visakhapatnam district.

A senior official of APIIC told The Hindu that a letter had already been sent to the government for giving its consent to go ahead with acquisition of about 10,000 acres for development as industrial clusters.

As APIIC does not have sufficient funds at his disposal, borrowing loan is the only option. A couple of banks have also come forward to lend the amount, it is learnt. The government has already issued an order sometime ago raising the borrowing limit of APIIC from ₹1,000 crore to ₹5,000 crore. In all, the government has identified little over one lakh acres across the State to facilitate industrialisation for which an estimated ₹10,000 crore is required.

As ADB, which is the main funding agency for Visakhapatnam Chennai Industrial Corridor, will not stand guarantee for the loan by APIIC, no bank will extend loan without guarantee from the government. APIIC, the nodal agency for land acquisition for industrial purpose, will need over 5,000 acres for developing Nakkapalli node as part of VCIC. In Nakkapalli area, 4,000 acres of patta land has been identified. The APSEZ-Atchutapuram has no vacant land for allotment to new industries. Petrochemical complex is also proposed between Visakhapatnam and Kakinada.

Based on feedback from the investors, the government last year unveiled its Designated Technology Parks’ Policy for taking private premises on lease and allotting the space after developing required infrastructure for plug and play facilities to companies involved in IT and IT-enabled services.

Under the policy, a building belonging to Mahati Software at Rushikonda was developed as Fintech Tower. AP Electronics and IT Agency, an autonomous society formed by the government, has also taken private space on lease from VUDA. An 11-floor building developed by Tech Mahindra was recently named Tech Hub.

THE HINDU

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