Visakhapatnam-Chennai industrial corridor (VCIC) is going to face good days ahead. Asian Development Bank (ADB) which is examining of funding the project is accepted to give 4200 crore in two phases. Central Government also has accepted for this and cleared the proposal and provided the guarantee for the external funding.
ADB has agreed to fund Rs.2,100 crore for the first phase of the project. The first phase of the project is expected to complete by 2019. This is going to be a major boost up for Andhra Pradesh. Asian Development Bank (ADB) has also agreed to fund another Rs.2,100 crore for the second phase, which is expected to be completed by 2022.
Once Asian Development Bank (ADB) would finalze the process of this, the tenders would be called of in September. In Andhra Pradesh, this would cover, eight coastal districts starting from Srikakulam to Nellore and Chittoor district. The Visakhapatnam-Chennai industrial corridor project will be implemented by the Andhra Pradesh Industries Infrastructure Corporation (APIIC), Greater Visakhapatnam Municipal Corporation (GVMC), and APTransco. A total of 10 projects will be taken up by these agencies in the first phase with Transco executing six projects. The projects relate to internal infrastructure in industrial clusters, urban water supply and climate change resilience, roads and road safety measures, and power transmission and distribution.
Singapore-based company Jurong International, would prepare the DPR of the project and submit to the government and ADB.
Many Small and medium scale industries will be promoted along the corridor.