Andhra Govt targets Rs 9 lakh crore investment in Visakhapatnam region

The Andhra Pradesh Government is aiming to attract investments of up to Rs 9 lakh crore across various sectors in the VER. As part of the Visakhapatnam Economic Region project, the State Government plans to invest between Rs 3.5 lakh crore and Rs 4 lakh crore, and attract up to Rs 5.3 lakh crore from the private sector, a press release said on Wednesday.

The VER project is expected to attract up to Rs 9.3 lakh crore through key projects across various sectors. The State Government will invest between Rs 3.5 lakh crore and Rs 4 lakh crore, while attracting Rs 5.3 lakh crore from the private sector, the release said.

Chief Minister N Chandrababu Naidu reviewed the VER development plan at his camp office in Undavalli. Positioning the ‘Bay City’ project as its anchor, the state aims to develop the VER region. “The goal of the VER project is to develop the entire Visakhapatnam region through micro-level planning,” Naidu said.

The development plan includes an AI data centre ecosystem, port-related industries, tourism, and hydrogen, clean-tech and energy projects, the press release said.

Naidu instructed officials that VER development should extend from Mulapeta Port to Rajahmundry’s Akhanda Godavari project, and called for convergence of funds, along with Viability Gap Funding, wherever required.