Lepakshi forms joint venture for electronic cityJanuary 13th, 2012 - 10:10 pm ICT by IANS
Hyderabad, Jan 13 (IANS) Lepakshi Knowledge Hub (LKH) Friday formed a joint venture with GEM and Vittal Innovation City to develop a hi-tech electronic city in Anantapur district of Andhra Pradesh, about 80 km from Bangalore airport.
The electronic city will come up on 2,650 acres within the 10,000-acre LKH, an innovative self sustaining ecosystem to create diversified industry clusters.
The joint venture partners will initially make an investment Rs.150 crore to develop the electronic city.
The project is expected to attract investments of more than Rs.11,000 crore and create employment for 75,000 people in the next 5-10 years.
An MoU for the project was signed between the Government of Andhra Pradesh and the joint venture partners the CII Partnership Summit here Friday.
Global Emerging Markets (GEM), a $3.4 billion alternative investment group headquartered in Geneva, will bring in investments for the project, while Vittal Innovation City led by N. Vittal, former union secretary, electronics and telecommunication, have prepared the concept master plan and will develop the project along with Lepakshi Knowledge Hub.
The cluster will propel electronics industry in India, with collaboration from companies based in Taiwan, Korea and Japan
S. Balaji, Managing Director, LKH, said the project would provide a strategic opportunity for India to leapfrog in Electronics and IT hardware manufacturing on the similar lines as software sector.
LKH will also house other industry clusters including aerospace and defence, education and innovation, agribusiness, healthcare, science and technology, fashion and textiles, media and entertainment and logistics.
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