The Hindu : Andhra Pradesh News : Mangalagiri SEZ: UDA finalises developer

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Friday, May 16, 2008
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Andhra Pradesh

Andhra Pradesh

Mangalagiri SEZ: UDA finalises developer

Staff Reporter

Only one bid for the project to come up on a 40-acre site

GUNTUR: The Vijayawada, Guntur, Tenali, Mangalagiri Urban Development Authority (VGTMUDA) on Thursday finalised the name of the developer for the proposed Special Economic Zone at Amaravathi Township in Mangalagiri with only one firm bidding for the 40-acre site earmarked for Information Technology and IT Enabled Services.

At a meeting in Vijayawada, there was only one bid from New Delhi-based Parsvnath Developers Limited, though 12 applicants had purchased documents by April 10 and the lone bidder proposes to develop the project with an investment of Rs.880 crores. Against an upset price of Rs.75 lakhs per acre specified by the VGTMUDA, Parsvnath Developers quoted Rs.75.51 lakhs per acre. In the 40-acre site in Guntur district, but close to Vijayawada on the southern bank of the Krishna, it proposes to build 17.69 lakh square feet of infrastructure, including processing, commercial, office, transport, residential and institutional development. The company would pay 26 per cent of equity as premium in the new Special Purpose Vehicle for developing the SEZ.

VGTMUDA Vice-Chairman Y.S. Prasad, in a release, said that the company founded in 1990 had completed 31 projects with a developable area of 210 million sq.ft. in 11 states. It currently has 100 projects on hand with a turnover of Rs.1535 crores (in 2007).

The seven-member screening/evaluation committee recommended the project to be allotted to the company. Once the government approval was received, allotment order would be issued to the company, he said.

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