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The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) is set to embark on a transformative venture with plans to develop the 'I-Space Business Park' in Madhurawada, Visakhapatnam. Envisioned as a dynamic hub encompassing approximately 19 acres on hill number three, the business park aims to be a multifaceted space catering to various business needs. The APIIC has proposed to execute this project through a public-private partnership at an estimated cost of Rs 2,300 crore.
The key components of the envisaged business park span a spectrum of functionalities. These include dedicated areas for IT/ITeS offices, commercial office spaces, business centres, and more. In addition to these, it’d host auxiliary and support components including versatile meeting and conference spaces, a business hotel, serviced apartments, an open-air theatre, and facilities for food and beverages.
In the proposed joint venture model, the APIIC is positioned to secure a 26% stake in the special purpose vehicle created for the project's implementation. The remaining 74% share is earmarked for the developer, who assumes responsibilities ranging from the preparation of detailed project reports to mobilizing funds and brand building. This collaborative model aims to leverage the strengths of both the public and private sectors to ensure effective planning, execution, and sustained success of the business park.
The strategic location chosen for the 'I-Space Business Park' aligns with the broader vision of developing thriving business ecosystems in Andhra Pradesh. Despite being home to several IT/ITeS offices, Visakhapatnam has not been able to attract major IT players. Most existing IT companies in the city are currently focused on business management processes and backend operations. The 'I-Space Business Park' endeavours to reshape this landscape by offering a comprehensive platform for diverse businesses, fostering innovation and economic growth.
Over the past decade, several proposals for IT parks in the region have struggled to materialize, remaining confined to paper. Even the initiatives by the Visakhapatnam Metropolitan Region Development Authority to establish an IT park has not taken off. The 'I-Space Business Park' emerges as a promising initiative to break this pattern, backed by a robust public-private partnership model and a strategic focus on diverse business needs and economic development in the region.
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