21 Acres For 99 Paisa: Andhra Pradesh Allots Land To TCS In Vizag Here's Why

(MENAFN- Live Mint) The Andhra Pradesh Cabinet approved to allocate 21.16 acres of land to Tata Consultancy Services (TCS) in Visakhapatnam for a token lease price of 99 paise.

The tech major plans to invest ₹1,370 in the proposed land, IT Hill Number 3, to set up an IT campus that is expected to generate 12,000 jobs.

"Cabinet approved the allocation of 21.16 acres of land to TC at Visakhapatnam IT Hill Number 3 for setting up an IT campus to generate 12,000 jobs," reported PTI, citing a statement.

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"This is our Sanand moment for the IT sector," news portal Moneycontrol reported, citing a government official.

This development comes after IT Minister Nara Lokesh visited Tata headquarters in Mumbai in October 2024, urging the automaker to invest in the state.

Other Cabinet proposals

Additionally, the Cabinet gave nod to a proposal from Mahamaya Industries Limited to expand its steel plant in Vizianagaram. It allocated 6.35 acres at Nadimpalem of Pattipadumandal in Guntur district to ESIC (Employees State Insurance Corporation). This land will be either given for free or at a nominal price to establish a 100-bed hospital and residential quarters for employees.

Nearly 30 acres of land at IS Raghavapuram in the Dwaraka Tirumala mandal of Eluru district was allotted to Sri Lakshmi Narasimha Swamy temple free of cost.

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A proposal to establish industrial parks has been approved with the allocation of 87.56 acres at Krishnapatnam village and 220.81 acres at Nelaturu village of Muthukur mandal in Nellore district to the APIIC (Andhra Pradesh Industrial Infrastructure Corporation).

The Cabinet has agreed to proposals by the Industries and Commerce Department made on April 9 to improve the finances and creditworthiness of the department and the Andhra Pradesh Mineral Development Corporation (APMDC).

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Cabinet has cleared to issue bonds worth ₹9,000 crore. A proposal to issue a Letter of Approval for the lowest bids for construction of the assembly building at a cost of ₹617 crore and the high court building at ₹786 crore were among several decisions approved by the Andhra Pradesh Cabinet.

(With inputs from PTI)

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