The new building of Tech Mahindra named as Cyber Tower and taken on lease by the AP Electronics and IT Agency (APEITA) will be inaugurated by IT Minister Nara Lokesh on August 24.
A top official of APEITA, an autonomous organisation floated by the State government to promote investments in electronics and IT sector, confirmed to The Hindu that Mr. Lokesh had given consent to inaugurate the super-structure located in the heart of the city. The new building has one lakh sft. The space on the 11-floor building (including parking space in basement) with the state-of-the-art facilities has been taken on lease by APEITA to encourage investments in IT. Some of the units, which have been allotted space, with a slew of incentives under the IT Policy are startups. Patra BPO has been allotted two floors for its expansion project after its delegation called on Chief Minister N. Chandrababu Naidu during his trip to the United States sometime ago.
Visakhapatnam is the main IT destination in Andhra Pradesh with a turnover of ₹2,000 crore. It is home to big players including Tech Mahindra, Wipro, HSBC, IBM, Concentrix and WNS.
Space constraint
Following space constraint for allotment to investors with plug and play facilities, the government has taken in addition to Tech Mahindra’s new facility, three buildings on lease in the city. This includes a building belonging to Mahati Software at Cyber Valley located at Rushikonda which was subsequently converted into Fintech Tower, 24,000 sft at VUDA building at Seethammadhara and 35,000 sft at a commercial building on VIP road.
APEITA is now in advance stage of constructing Millennium Tower at Rushikonda near the Incubation Hut where two lakh sft of built-up area is being created in a IoT-enabled cyclone-resistant super-structure at a cost of ₹180 crore. The construction is being executed through the APIIC.
