Andhra Pradesh

Govt. to develop start-up area in 2,140 acres in Krishnapatnam node

As part of its efforts to develop the Krishnapatnam node in the Chennai-Bangalore Industrial Corridor (CBIC), the State government has identified a start-up area of nearly 2,140 acres meant to serve as a catalyst for investments.

While the Andhra Pradesh government is transforming Krishnapatnam into an industrial hub backed by the seaport there, priority has been accorded by the Tamil Nadu and Karnataka governments to Ponneri and Tumkur nodes.

These three projects have recently been sanctioned by the Department for Promotion of Industry & Internal Trade.

According to official sources, Krishnapatnam in Nellore district is being developed through a node-level Special Purpose Vehicle (SPV) formed in partnership with the National Industrial Corridor Development & Implementation Trust.

The Central and the State governments are together contributing a maximum of 50% equity of up to ₹3,000 crore in the SPV.

The total area of Krishnapatnam node is 13,480 acres. The Central Cabinet Committee on Economic Affairs has approved the creation of trunk infrastructure in it at an estimated cost of nearly ₹2,200 crore.

The State government’s focus is on attracting computer and electronics, optical products, automobile, engineering and machinery, pharmaceutical, food processing and textile and apparel units.

An assessment has been made that the Krishnapatnam node has the potential to attract investments amounting to approximately ₹18,600 crore. The employment projection on completion of the first phase is around 98,000 persons.

The government also contemplates to rope in lithium ion battery manufacturing units in tune with its plan to embrace electric mobility on a large scale.

The objective of creating various infrastructure components in the above three nodes is to provide an enabling environment in developing greenfield industrial cities that are home for resource-driven manufacturing and service units.

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Printable version | Jan 25, 2021 1:13:33 AM | https://www.thehindu.com/news/national/andhra-pradesh/govt-to-develop-start-up-area-in-2140-acres-in-krishnapatnam-node/article33571454.ece

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