Vizag-Chennai industrial corridor to be funded with Rs 1,668 cr

On Thursday, Shri Yanamala Rama Krishnudu, Hon’ble State Minister for Finance & Planning, Commercial Taxes, Legislative Affairs, has allocated Rs 1,668 crores Vizag-Chennai Industrial Corridor (VCIC) Project in Amaravati. The allocation of the amount was done from the State Budget, for the 800-km long corridor between the two cities.

The corridor stretch will be passing along National Highway-16, as well as along the Bay of Bengal in Andhra Pradesh and Tamil Nadu. The proposed VCIC project is a key component of the ECIC (East Coast Economic Corridor) being developed between Kolkata and Tuticorin.

It envisages four of the crucial industrial nodes in the State, i.e, Visakhapatnam, Kakinada, Gangavara Kankipadu and Yepedu-Srikalahasthi. The main aim of this project is attracting an investment worth of Rs 1 lakh crores.

Currently, APIIC has 4,500 acres, in Visakhapatnam district, for implementation of the project.

As reported,  by The New Indian Express, a senior officer of the Department of Industry said, “So far Rs. 95 crores has been paid as compensation to nearly 600 people who have ceded land at the rate of estimated Rs. 18 lakh per acre. Another Rs.105 crores need to be paid to the rest of the beneficiaries. The newly allocated funds, if released, will help us complete the land acquisition process,”

In addition to this, the APIIC officials also said that with the successful implementation of this project, they are looking forward to make a business-friendly environment in Visakhaptanam and bring in many different industrial units in food processing, textile, pharma, chemicals and others.