Centre sanctions ₹1,448-cr for industrial corridor

Centre has sanctioned ₹1,448 crore to the APIIC Ltd to take up infrastructure works at Krishnapatnam node under the Chennai Bengaluru Industrial Corridor (CBIC) and an order to this effect was issued. Krishnapatnam is one of the three nodes on the corridor and falls in the influence zone of the Visakhapatnam–Chennai Industrial Corridor (VCIC). This node is in the proximity of Krishnapatnam Port, offering an ideal location to export and import in tapping the South Asian economic centres. The components of the project development works include roads, bridges, utilities, STP, CETP and solid waste management, administrative buildings, ICT cost, O&M cost and other costs like contingencies, escalation, construction supervision charges, administrative charges, quality control charges and construction safety cost. As part of the National Industrial Corridor Program, the Centre is developing various industrial corridor projects aimed at building futuristic industrial cities in India for competing with the best manufacturing and investment destinations in the world through a Special Purpose Vehicle (SPV) named National Industrial Corridor Development Corporation (NICDC) Limited, which has the mandate to establish, promote and facilitate development of industrial corridor projects. The trust fund was set up in the name of National Industrial Corridor Development and Implementation Trust (NICDIT) to carry out the project development and implementation activities. The CBIC is one of the five industrial corridors envisaged by the Centre connecting the key metropolitan economic hubs of the country along Chennai, Bengaluru and Chitradurga with an overall length of about 560 km. The SPV viz NICDIT Krishnapatnam Industrial City Development Ltd (NKICDL) has been formed between NICDIT and APIIC with equity participation of Central and State governments to establish, promote and facilitate the development of Krishnapatnam Industrial node under the CBIC.