Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has issued an expression of interest (EoI) to develop a business park ‘I-Space Business Park’ in Madhurawada. The park is likely to come up on 19 acres of land pocket on hill no. three in the region.

The upcoming park will be equipped with IT/ITeS offices, commercial office space, a business centre, and many more. Besides, auxiliary components would include meeting and conference spaces, business hotel, serviced apartments, open-air theatre, and food and beverages facilities, among others.

The APIIC has proposed the development of this business park through a public-private partnership (PPP) on a joint venture (JV) basis. Moreover, the initial estimates of the project implementation have been pegged at Rs 2,300 crore.

Under the proposed JV model, the APIIC will hold 26 percent stake in the special purpose vehicle (SPV) formed for the execution of the project. Further, the developer will own the remaining balance of 74 percent share. In addition, the developer will be responsible for preparing a detailed project report (DPR), mobilising funds, brand building, and other works.