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Vizag IT ecosystem to get a fillip as AEL lists VTPL on the stock exchange

Vizag-IT-ecosystem-to-get-a-fillip-as-AEL-lists-VTPL-on-the-stock-exchange

In a major fillip to Visakhapatnam’s IT ecosystem, Adani’s solar-powered ‘Integrated Data Centre Park and Technology/Business park’ gets a shape as the Adani group listed the project in the stock exchange as Vizag Tech Park Ltd (VTPL). The stock market has apparently seen potential in the project as Adani’s share value goes up soon after it incorporated VTPL.

It indicates that Adani is actively pursuing the data centre project. This will be the biggest IT project in Andhra Pradesh so far if everything pans out as planned. AP government has already given in-principle approval to Adani Enterprises, proposal which includes Integrated Data Centre Park, Integrated IT and Business Park, Recreation Centre, and Skill Development University in Visakhapatnam.

The company has also promised an investment of Rs 14,634 crore on the data centre project and provide jobs to 24,990 people. As per the suggestion of the AP government, Adani Enterprises had submitted a revised proposal to the government for establishing an Integrated Data Centre Park and skill university particularly at Madhurawada in Vizag and requested for a special package of incentives. The government has decided to alienate 257.37 acres of land in Madhurawada, which is now in the possession of the Tourism Department to APIIC. In addition, the company will be allotted 130 acres of land there.

According to a GO issued by the AP government, Adani will be charged Rs 1 crore per acre for the land allotted. In addition, the project will get power incentives as per the distribution license option for a duration of 20 years from the date of handing over of land, 100 per cent reimbursement of SGST on all data centre units, electrical, communication & IT equipment for CAPEX for a period of seven years from the date of handing over of land.

#VizagNews #Visakhapatnamnews #breakingnews #latestnewsvizag

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