The first World Trade Center in Andhra Pradesh is going to be established in Vizag. The Andhra Pradesh government has decided to allot this project to a company owned by K. Vamana Rao, who operates HMTV news channel and The Hans India English newspaper based in Hyderabad. The project was given a green signal during the State Investment Promotion Board (SIPB) meeting held on Wednesday, chaired by Chief Minister Chandrababu Naidu. The Andhra Pradesh government revealed that BVM Energy and Residency Private Limited, where Vamshi Rao is a director, will set up the World Trade Center in Vizag. This company is planning to implement the project with an investment of ₹1,250 crore. However, details regarding how much land the government will allocate for the project and at what rate are yet to be disclosed. KRISHNAIAH VADDANAPU is the Managing Director of BVM Energy and Residency Pvt Ltd.
This company had already announced three years ago that it would develop World Trade Centers in both Hyderabad and Vizag. They had previously declared plans to build the country’s largest World Trade Center project over 60 acres in Shamshabad, Hyderabad. At that time, they also mentioned their intention to develop a World Trade Center on Rushikonda Hills in Vizag. However, the government has now clarified that the project will come up in Endada. It is expected that around 15,000 jobs will be created through the World Trade Center. Along with this, during the SIPB meeting on Wednesday, approval was also given to Sify Infinet Spaces Ltd to establish a data center in Visakhapatnam. The company will initially invest ₹1,466 crore. In the second phase, an additional ₹15,000 crore investment will be made, and the project is expected to create employment for 400 people, according to the government. In addition, Satva Developers also received the green signal for a project they plan to undertake in Madhurawada, Visakhapatnam. The company is going to invest ₹1,500 crore, and the project is expected to generate 25,000 jobs. The ANSR company also received approval to set up a Global Capability Center (GCC) with an investment of ₹1,000 crore. It is estimated that this project will provide employment opportunities to 10,000 people.