Amaravati: The Andhra Pradesh Cabinet has approved multiple proposals, including the allocation of 21.16 acres of land to Tata Consultancy Services (TCS) in Visakhapatnam at a nominal lease price of 99 paise.
The land, located on IT Hill Number 3, will house a new IT campus by the tech major TCS, which is expected to bring in an investment of Rs 1,370 crore.
The upcoming facility is projected to create employment for around 12,000 people, marking a significant boost to the region’s job market and IT ecosystem.
An official release by the Andhra Pradesh government stated: “Cabinet approved the allocation of 21.16 acres of land to TCS at Visakhapatnam IT Hill Number 3 for setting up an IT campus to generate 12,000 jobs.”
In another move aimed at industrial expansion, the Cabinet cleared a proposal by Mahamaya Industries Limited to expand its integrated steel plant in Vizianagaram, which is expected to increase production capacity and promote regional economic growth.
To enhance financial strength and credit ratings, the state government also approved proposals from the Industries and Commerce Department, including measures that support the Andhra Pradesh Mineral Development Corporation (APMDC).
As part of the financial reforms, the Andhra Pradesh Cabinet gave the go-ahead for issuing bonds worth Rs 9,000 crore.
Infrastructure development also featured prominently in the Cabinet’s agenda. A Letter of Acceptance (LOA) will be issued for the approval of L1 (lowest) bids received for the construction of key government buildings.
These include a new Assembly building at an estimated cost of Rs 617 crore and a High Court building projected at Rs 786 crore.
Discussion about this post