The Andhra Pradesh Industrial Infrastructure Corporation is setting up five large multi-product industrial parks in the state. These will come up in three industrial corridors spread over 42,313 acre with funding from the National Industrial Corridor Development and Implementation Trust (NICDIT), a Central government organisation. In the first phase, NICDIT has agreed in principle to fund the development of the multi-product industrial parks on 13,292 acre. Apart from the Visakhapatnam-Chennai Industrial Corridor (VCIC) funded by the ADB, three additional parks are being developed in the Chennai-Bangalore Corridor and Hyderabad-Bangalore Corridor.