Latest news with #VisakhapatnamMetropolitanRegionDevelopmentAuthority
Hans India
18 hours ago
- Business
- Hans India
Cognizant to build IT campus in Vizag, generate 8,000 jobs
Visakhapatnam: In a significant development for Andhra Pradesh's IT ecosystem, Cognizant Technology Solutions is all set to establish a world-class IT/ITES campus in Visakhapatnam with an investment of Rs.1,582.98 crore. Providing the much-needed relief to unemployed youth, the project is expected to generate 8,000 jobs over the next few years. In connection with it, Cognizant sought 21.31 acres of land at Kapuluppada and the state government would allot the Visakhapatnam Metropolitan Region Development Authority land for a nominal rate of just 99 paisa. In a move which is considered another major endeavour for Visakhapatnam as an emerging hub for IT investments, setting up IT/ITES campus is in alignment with IT minister Nara Lokesh's vision to draw investments and develop IT across Andhra Pradesh. The company has set a target of March 2029 for the commencement of its commercial operations. With the entire project being 100 per cent self-funded, Cognizant's expansion into Visakhapatnam reinforces its long-term commitment to Andhra Pradesh that further cements the state's reputation as a future IT hub. Welcoming the move, government whip P G V R Naidu (Ganababu) expressed gratitude to IT minister Nara Lokesh for bringing multinational companies to Visakhapatnam. 'The IT minister kept up his promise made to IT employees. It is a commendable initiative to create employment for 8,000 people with an investment of Rs.1,582 crore. With this, the long-cherished dream of Vizagites is going to become a reality soon,' he posted on the 'X' (formerly Twitter).
Time of India
a day ago
- Business
- Time of India
Cognizant to set up Rs 1,582 crore IT campus, create 8,000 jobs; Andhra Pradesh govt allots land at 99 paise in Visakhapatnam
Cognizant Technology Solutions is set to establish a state-of-the-art IT and ITES campus in Visakhapatnam, Andhra Pradesh, investing Rs 1,582.98 crore VISAKHAPATNAM: In a major boost to Andhra Pradesh's IT ecosystem, Cognizant Technology Solutions has announced plans to set up a world-class IT and ITES campus in Visakhapatnam, with an investment of Rs 1,582.98 crore. The project is expected to generate around 8,000 jobs over the next few years. Cognizant has requested 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority (VMRDA), and the state government has allotted the land at a nominal rate of just 99 paise. The company aims to begin commercial operations by March 2029. The entire project will be 100% self-funded, reflecting Cognizant's strong long-term commitment to Andhra Pradesh. Officials noted that this significant investment further strengthens the state's position as an emerging IT hub.
Time of India
27-05-2025
- Automotive
- Time of India
Visakhapatnam Metropolitan Region Development Authority's Deck to house Ratan Tata innovation hub's Vizag spoke
Visakhapatnam: VMRDA (Visakhapatnam Metropolitan Region Development Authority) has completed the construction of multi-level car parking facility, which has been named 'The Deck'. The urban development authority developed the property, designed to resemble a cruise ship, adjacent to its office at Siripuram Junction in the city. The facility boasts good views of the surroundings and features a configuration of three basement levels, a ground floor, seven additional floors, and a terrace, with a total built-up area of 3.76 lakh square feet. The structure offers both underground and overground parking, and can accommodate 440 cars and 250 bikes. As of now, it is believed to be the largest public parking space in Andhra Pradesh. Notably, the fifth floor of 'The Deck' will house the proposed Visakhapatnam spoke of Ratan Tata Innovation Hub (RTIH), which will be developed in Amaravati. The conceptualisation, design, and construction of interior decorative door works, along with electrical and IT networking systems for the RTIH Vizag spoke, are expected to be finalised shortly on this floor. According to the state govt's recent Innovation and Startup Policy (4.0) for 2024-29, RTIH in Amaravati will serve as the central hub, while five regional centres will be established in Rajahmundry, Vijayawada, Visakhapatnam, Tirupati, and Anantapur, functioning as spokes to extend the central hub's efforts. The hub-and-spoke model of institutional start-up support aims to facilitate the translation of best practices and innovative ideas into viable businesses. The model will operate through dual funding from corporate and govt sources, providing seed capital and covering operational expenditure. The state govt will facilitate a capital grant of up to Rs 250 crore for RTIH and Rs 100 crore for each spoke centre, based on performance, over the next five years. The RTIH and its regional hubs will spearhead initiatives to drive a culture of innovation and support startups throughout their evolution. Its spoke in Visakhapatnam is expected to operate from 'The Deck' till a permanent facility is constructed. M eanwhile, VMRDA is inviting applications for available space on the remaining floors. 'The Deck' building consists of 12 floors, and the urban development authority intends to license out five of them to interested applicants for use as retail, commercial, institutional, office, or restaurant spaces. Located in Siripuram, near RK Beach and other prominent city landmarks, 'The Deck' is an architecturally striking multi-level car parking and commercial complex, intended to enhance urban mobility and address parking challenges. The property is likely to be inaugurated by chief minister N Chandrababu Naidu soon. VMRDA has invested about Rs 85 crore in its construction.
Time of India
18-05-2025
- Business
- Time of India
Visakhapatnam: VMRDA eyes private investment for land development project
VISHAKHAPATNAM: In a first-of-its-kind initiative, the Visakhapatnam Metropolitan Region Development Authority ( VMRDA ) has decided to conduct roadshows in Hyderabad and Bengaluru on May 23 and 30, respectively. The objective is to attract private investors for the proposed public-private partnership (PPP) model development of nearly 88 acres of land owned by the authority in the Madhurawada area. VMRDA recently held a meeting with private developers from CREDAI and NAREDCO , during which it highlighted the advantages of the site. The land alone is valued at approximately Rs 500 crore. Madhurawada, which serves both as a premium residential area and an IT zone for Vizag city, has come into the limelight over the past two decades. The neighbourhood is home to an IT special economic zone. VMRDA chairperson MV Pranav Gopal and metropolitan commissioner KS Viswanathan said that, owing to initiatives by the Union govt to develop the beach corridor from Kharagpur in West Bengal to Visakhapatnam , and with a double-decker metro rail project in the pipeline, the region is poised for rapid growth. "The proposed land in Madhurawada is well-suited for the development of convention centres, hospitality, residential, commercial, and entertainment facilities. The site, located just 100 metres from a proposed metro station, is well-connected by major roads, lies only one kilometre from a data centre project coming up at Kapuluppada, and is in close proximity to the IT city and the upcoming Bhogapuram International Airport — all of which enhance its attractiveness," said Pranav Gopal and Viswanathan. They added that Visakhapatnam, which already holds a prominent position nationally, has a bright and promising future in terms of development. "As part of efforts to develop Visakhapatnam in line with the vision of chief minister Nara Chandrababu Naidu to transform Andhra Pradesh into a $2.4 trillion economy by 2047, there is enormous development potential in Vizag, and this project is a key step in realising that vision," the VMRDA chairperson and commissioner added.
Time of India
18-05-2025
- Business
- Time of India
Visakhapatnam Metropolitan Region Development Authority eyes private investment for land development project
1 2 3 Visakhapatnam: In a first-of-its-kind initiative, the Visakhapatnam Metropolitan Region Development Authority (VMRDA) has decided to conduct roadshows in Hyderabad and Bengaluru on May 23 and 30, respectively. The objective is to attract private investors for the proposed public-private partnership (PPP) model development of nearly 88 acres of land owned by the authority in the Madhurawada area. VMRDA recently held a meeting with private developers from CREDAI and NAREDCO, during which it highlighted the advantages of the site. The land alone is valued at approximately Rs 500 crore. Madhurawada, which serves both as a premium residential area and an IT zone for Vizag city, has come into the limelight over the past two decades. The neighbourhood is home to an IT special economic zone. VMRDA chairperson MV Pranav Gopal and metropolitan commissioner KS Viswanathan said that, owing to initiatives by the Union govt to develop the beach corridor from Kharagpur in West Bengal to Visakhapatnam, and with a double-decker metro rail project in the pipeline, the region is poised for rapid growth. "The proposed land in Madhurawada is well-suited for the development of convention centres, hospitality, residential, commercial, and entertainment facilities. The site, located just 100 metres from a proposed metro station, is well-connected by major roads, lies only one kilometre from a data centre project coming up at Kapuluppada, and is in close proximity to the IT city and the upcoming Bhogapuram International Airport — all of which enhance its attractiveness," said Pranav Gopal and Viswanathan. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tukarkan Bitcoin dan Ethereum - Tanpa Dompet Diperlukan! IC Markets MULAI SEKARANG Undo They added that Visakhapatnam, which already holds a prominent position nationally, has a bright and promising future in terms of development. "As part of efforts to develop Visakhapatnam in line with the vision of chief minister Nara Chandrababu Naidu to transform Andhra Pradesh into a $2.4 trillion economy by 2047, there is enormous development potential in Vizag, and this project is a key step in realising that vision," the VMRDA chairperson and commissioner added.
