AP plans IT, business park in Madhurawada

13 Oct 2023 CW Team

The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has taken a significant step in the creation of a business park, aptly named the 'I-Space Business Park.' This ambitious project is slated to occupy a vast 19-acre land area situated on the third hill in Madhurawada. The proposed business park is envisaged to encompass a range of core components, including IT/ITeS offices, commercial office spaces, and a business center, among others. Moreover, auxiliary or support facilities will include meeting and conference spaces, a business hotel, serviced apartments, an open-air theatre, and a diverse array of food and beverage options.

The APIIC has put forth a proposal to develop the I-Space Business Park through a public-private partnership, marking it as a joint venture initiative. Initial estimates for the implementation of this substantial project are approximately $2,300 crore. Under the framework of the proposed joint venture, APIIC is set to hold a 26% stake in the special purpose vehicle created for executing the project. The remaining 74% stake will be assumed by the chosen developer. The developer's responsibilities encompass the preparation of a comprehensive project report, fund mobilization, brand building, and various other pivotal aspects.

The I-Space Business Park project is expected to play a pivotal role in enhancing the business landscape of Andhra Pradesh and facilitating opportunities for growth and development in the region. Interested parties are invited to participate in this initiative, which holds the potential to further bolster the state's economic and commercial capabilities.

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