The Andhra Pradesh Government sanctioned an amount of Rs. 1,448 crores for Krishnapatnam Industrial node.
On the 11th of June, Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, approved the amount for the development of the Krishnapatnam Industrial City Development Limited. The development of the industrial node would be under the Chennai Bengaluru Industrial Corridor.
The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and National Industrial Corridor Development and Implementation Trust (NICDIT) jointly formed a special purpose vehicle (SPV.)
A special purpose vehicle (SPV) is a subsidiary company that is formed to undertake a specific business purpose or activity. The purpose to form the SPV in this case is to establish, facilitate and promote the Krishnapatnam Industrial Node development.
The work for the same would be done with the equity participation of the Central Government as well as the Yuvajana Sramika Rythu Congress Party (YSRCP) led Andhra Pradesh Government.
A statement from APIIC’s chief engineer’s office said, “The development works are spread over an extent of 2,500 acres (approximately) which will generate around 1 million direct and indirect jobs by 2040 in the state of Andhra Pradesh.” The statement also added, “The Krishnapatnam industrial node is being developed with world class infrastructure consisting of roads, bridges, utilities, STP, CETP and solid waste management, administrative building, power supply system and water supply system.”
According to the officials, the food processing, automobile, auto components, textile and apparels, chemical, pharmaceutical and manufacturing of electrical equipment, computer electronics and optical products are expected to come up in the industrial node. These sectors have been identified as some of the enablers of faster development in this region.
Meanwhile, the State Government uploaded the project tender document on the judicial preview website for vetting as well as to receive comments and suggestions from the public.
Interested parties could offer their comments and suggestions within seven working days through the website or email.
Website link is https://judicialpreview.ap.gov.in