Visakhapatnam: The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has taken a significant step by inviting expressions of interest for the development of the 'I-Space Business Park.'

This ambitious project is slated to be established on approximately 19 acres of land on hill number three in Madhurawada.

The 'I-Space Business Park' aims to encompass various key components, including IT/ITeS offices, commercial office spaces, business centers, and more. Supporting facilities will include meeting and conference spaces, a business hotel, serviced apartments, an open-air theatre, and dining options.

The APIIC has proposed that the park be developed through a public-private partnership, forming a joint venture. Preliminary estimates for the project implementation stand at ₹2,300 crore.

Under this joint venture model, the APIIC will hold a 26% stake in the special purpose vehicle created for project execution, with the remaining 74% owned by the developer.

The developer will be responsible for the preparation of a detailed project report, fundraising, brand development, and other necessary aspects.

While Visakhapatnam currently hosts several IT/ITeS offices, the city has long awaited the presence of major players in the industry. Most existing IT companies in the city focus on business management processes and backend operations.

Numerous IT park proposals made over the past decade have often remained on paper, including those from the Visakhapatnam Metropolitan Region Development Authority.

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