India Development News & Foreign Investment Opportunities

Govt. allocates Rs.850.00 crore for industrial corridors

ADB has prepared VCIC concept


ADB has prepared VCIC concept

Asian Development bank Logo


The Government has allocated Rs.850.00 crore in interim budget for the Financial Year 2019-20 to National Industrial Corridor Development and Implementation Trust (NICDIT) for development of all industrial corridor projects across the country, parliament was told on 3 July 2019.

It is undertaking development of Chennai Bengaluru Industrial Corridor (CBIC) and East Coast Economic Corridor (ECEC) with Vizag-Chennai Industrial Corridor (VCIC) as Phase-1 which also cover Andhra Pradesh.

As part of CBIC, Krishnapatnam node has been identified for development in Andhra Pradesh. The Shareholder’s Agreement (SHA) and State Support Agreement (SSA) have been executed and a Joint Venture Company by the name “NICDIT Krishnapatnam Industrial City Development Limited” has been incorporated.

Detailed master planning and preliminary engineering activities for the activation area of Krishnapatnam node have been finalized, Commerce and Industry Minister, Piyush Goyal, in a written reply in the Lok Sabha.

For VCIC, Asian Development Bank (ADB) has prepared the Concept Development Plan (CDP) of the project and four nodes i.e. (i) Visakhapatnam (ii) Machilipatnam (iii) Donakonda and (iv) Chittoor have been identified for development.

Out of the four identified nodes, two nodes i.e., Visakhapatnam and Chittoor have been prioritized. Initial Master Planning has been completed by ADB for these prioritized nodes.

An amount of Rs.2.5 crore was allocated and released by Government through NICDIT towards initial equity contribution in the project Special Purpose Vehicle (SPV) for Krishnapatnam node in CBIC during Financial Year 2018-19.

The projects are presently under development stage.

Leave A Reply

Your email address will not be published.