Nestled amidst verdant hills of Eastern Ghats on one side and the blue waters of the Bay of Bengal on another, the work on the iconic Millennium Tower – the new address for IT units in Visakhapatnam, is nearing completion.
Though the scheduled completion of the super-structure missed the target of September 30, Andhra Pradesh Industrial Infrastructure Corporation, which is the designated agency to take up the construction, is confident of completing it by March 31.
“We are working at a fast pace to complete the first phase of Tower A and parking for Tower A and B by end of the financial year,” APIIC zonal manager C. Yathi Raju told The Hindu .
While construction of three cellar-parking extending 1.5 lakh sft for both towers has been completed, the tower A will have a built-up area of two lakh sft. Tower B construction will be taken up later with a built-up area of one lakh sft. The twin towers are being built with green technologies and to resist wind velocity of over 200 kmph going by the bitter experience the city faced in the aftermath of the Cyclone Hudhud in 2014.
The present construction cost is put at ₹85 crore. APIIC has entrusted the job of construction to KPC Projects. AP Electronics and IT Agency (APEITA), autonomous society formed by the State government to attract investments in IT and electronics, will allot the plug and play facilities to startups, MSME investors and others mainly working in new age technologies and financial technology (fintech).
“This will be a landmark for promoting IT in Visakhapatnam-the largest commercial hub and main IT destination for the investors,” APEITA CEO (Promotions) Tirumala Rao Chamalla.
IT Special Economic Zone, Madhurawada and several IT units, including the Sunrise Incubation Hub (formerly Startup Village) and Fintech Tower are located in the vicinity, christened Cyber Valley. For want of built-up space for allotment to startups and other IT investors, the government under the Designated Technology Park Policy, several buildings including VUDA shopping complex at Seethammadhara, Tech Mahindra new block and a mall on VIP Road have been taken on lease by APEITA for allotment with 50% discount on rent.
IT turnover
According to projections, the IT turnover from the city is expected to achieve a quantum jump once the proposed big projects launch operations. The present turnover is put at ₹2,000 crore.
