APIIC is keen to settle the dispute out of court as soon as possible
The multi-billion dollar worth entertainment city will have a media city, amusement park, commercial and residential complexes, hotels, leisure options and healthcare facilities. (Photo: PTI)
Visakhapatnam: AP government on Saturday signed an MoU with UK-based Eros Investment Ltd (EIL) for setting up Entertainment City in Vizag and the facility is most likely to come up in Kapuluppada where the government has 1,750 acres of land.
The multi-billion dollar worth entertainment city will have a media city, amusement park, commercial and residential complexes, hotels, leisure options and healthcare facilities. The valuable land has been lying vacant due to a case pending in the state High Court after APIIC cancelled the land allotment to 2G scam accused Unitech Pvt Ltd in 2011. It may be mentioned here that
APIIC has no other suitable site in and around Vizag to construct such a mega facility.
APIIC is now keen to settle the dispute out of court as soon as possible to utilise the land with a beach view. “We don’t want such valuable land which has potential to be developed in a big manner to go unused and are contemplating an out of court settlement if possible,” revealed a top official of APIIC.
In 2007, the then government had allotted the 1,750 acres in Kapuluppada to Unitech to develop an Integrated Knowledge City. After Unitech Ltd was accused in the 2G scam, APIIC cancelled its agreement with the infrastructure giant fearing attachment of its properties by the ED. Challenging the cancellation of allotment Unitech approached the High Court in 2011.
( Source : dc correspondent )
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