Decks cleared for de-notification of IT SEZ at Rushikonda

It facilitates flow of bank funds to expand existing units and lease out five lakh sft to new investors. Chief Minister N. Chandrababu Naidu is understood to have cleared the file with regard to de-notification after the issue was raised at a conference organised on IT development by the CII here last month.

August 26, 2014 10:44 pm | Updated August 21, 2016 07:45 pm IST - VISAKHAPATNAM:

Decks have been cleared for de-notification of IT Special Economic Zone (SEZ) at Hill No. 2, Rushikonda, with the in-principle decision of the State government to recommend to the Centre to this effect.

IT entrepreneurs, who have been suffering for want of bank finance due to leased ownership of land and giving the unused infrastructure created by them to outside firms for want of government clearance, are jubilant over the development.

Chief Minister N. Chandrababu Naidu is understood to have cleared the file with regard to de-notification after the issue was raised at a conference organised on IT development by the CII here last month.

The meeting was attended by IT Minister Palle Raghunatha Reddy, Education Minister Ganta Srinivasa Rao, Industries Principal Secretary J.S.V. Prasad, and IT Principal Secretary Sanjay Jaju.

Visakha North MLA and Rushikonda IT Park Association (RITPA) president P. Vishnu Kumar Raju and vice-president O. Naresh Kumar on Tuesday thanked the Chief Minister for conceding their demand.

They said the decision would help them in leasing out five lakh sft of space created by them in the IT SEZ to new investors. They said space for 5,000 to 10,000 people in two shifts was readily available.

Mr. Naresh Kumar said banks would fund expansion of existing units as they could own land. Incidentally, the lands were purchased individually by entrepreneurs from VUDA, which were converted into lease after IT SEZ notification was issued.

“Clearances and approvals will be easy as the Central Government will have no say in the functioning of IT units at Rushikonda,” he stated.

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