The Hindu Business Line : Vizag IT Park deal will be reviewed, says Rosaiah

THE State Finance Minister, Mr K. Rosaiah, has said that the State Government would examine afresh matters pertaining to the development of an IT Plaza at Visakhapatnam by Vizag IT Park Ltd.

Vizag IT Park is a joint venture company in which the Visakhapatnam Urban Development Authority (VUDA), AP Industrial Infrastructure Corporation (APIIC), L&T and two private companies, Pragna and Sai, were partners.

Replying to a question raised by Mr Gade Venkata Reddy and four others in the Legislative Assembly on Tuesday, Mr Rosaiah said that the Government would ensure that it got its due share in the project.

Earlier, the Minister for Municipal Administration, Mr K. Ranga Rao, said that the project was completed and the premises had been rented out to HSBC. He said VUDA had 21.5 per cent share in the project and its equity was in the form of an allotment of two acres of land for the development of IT Plaza. On the other hand, APIIC has invested Rs 4.4 crore and the three private companies have invested Rs 2.34 crore each.

Our Vizag Bureau adds: Communist Party of India (Marxist), an ally of the ruling Congress party, has urged the State Government to cancel the agreement signed with HSBC for setting up the IT park at the Siripuram junction in the city which was inaugurated on Monday.

In a statement issued on the occasion, Mr Ch. Narasinga Rao, the State CPM Secretariat member, said the previous Government had given away two acres of prime land at the Siripuram junction at a throwaway price.

The prime land at the junction was given away at Rs 2,000 per square yard. The HSBC was given 61 per cent equity in the project and the VUDA only 26 per cent, though the latter parted with such valuable land. The whole deal should be reviewed and a fresh agreement should be signed, rectifying the flaws, the party said.

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