Hyderabad (Andhra Pradesh) [India], Oct 12 (ANI): The Andhra Pradesh government has recently taken up a project that is "expected to bring in" about 5000 highend IT jobs by various multi-national companies.
ANSR Consulting Pvt Ltd, Bengaluru have recently proposed to create a Special Purpose Vehicle (SPV) by the name of ANSR-AP that will implement a Global-In-House Project (GIC), under which Andhra Pradesh Industrial Infrastructure cooporation (APHC) will invest in Prime IT Hill3 area of Visakhapatnam.
"ANSR Consulting Pvt Ltd have proposed to create a Special Purpose Vehicle (SPV) by the name ANSR-AP to implement a Global-In-House Project (GIC) project in which AP Industrial Infrastructure cooporation (APHC) will invest in the form of land to an extent of 10 acres in Prime IT Hill3 area of Visakhapatnam, whereas ANSR will bring in an investment of Rs. 500 crores through its partners, affiliates and GIC multinationals," says Andhra Pradesh Government in a release.
"The project is expected to bring in about 5000 highend IT jobs by various multi-national companies. ANSR have exprience in executing similar model of business, bringing GIC units in Bangalore and Hyderabad. They have been successful in bringing 42,000 jobs to India with an investment of 1Bn US dollars Rs 6700 crores with names like Wells Fargo, JC Peeny, Walmart, Lbrands, Techstars etc. setting up their in-house IT functions," the statement further read.
- ANSR are permitted to build 50000 Sq. feet as against the requirement of building One lakh Sq. feet per acre land earmarked.
- ANSR is exempted on the condition of investing a minimum of Rs.50 Crores for each acre of project I.d. However, ANSR are required to bring an overall investment of .500 Crores in the project .r the 10 acres of total land given by APIIC.
- The proposed SP, ANSR-AP will be allocated land in 3 putts of 5 acres. 3 acres and 2 acres that totals to10 acres. Land towards 2"d part will be given to SPV on fulfilling the commitment associated with I. part. Similar, land for 3.1 pan will be given to SPV on completely fulfilling the commitment for 2.4 part.
- According to the GIC policy, the total project must be completed in 6 years. But. ANSR is permitted to complete the project in 10 years' timeline. However, if the SPV does not complete the project in the permitted 10 years' timeline, APIIC can take action as per clause 6.1.11 of GIC Policy.
The following are the advantages that the project will give Andhra Pradesh:
- A direct benefit of 5000 high end IT jobs will make the IT industry ecosystem more robust giving exponential growth opportunities in the State.
-Being the first of its kind in the State, this would give experience and opportunity of perfecting the model of attracting investments.