The first major investment post-bifurcation will be made by Lalitanjali Group, an infrastructure engineering and supply chain management firm, in a steel industrial park here.

Described as the country’s first park of its kind, CEO of the city-based group Rahul Rao said on Wednesday that they would spend Rs.650 crore on buying over 100 acres, which was in the process, and the park would consist of 15-20 ancillary units guided by a pilot company. Overall capacity of the park would be approximately seven to eight lakh tonnes with captivate power of 25 MW. The park would house state-of-the-art facilities like effluent treatment plant, water treatment plant, truck and container terminal, air pollution control system and weigh bridge.

“This offers a huge business opportunity for companies in India, as the landing costs of raw materials from other countries is cheaper by $5 to $6 in Vizag compared to other States.

The city has significant geographical advantages because of the presence of two major ports, better air connectivity and its strategic location closer to the South Asian market,” Mr Rao stated in a release.