AP govt ratified the action of the APIIC to cancel the agreement with Unitech for development of Integrated Vizag Knowledge City
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Hyderabad: The Andhra Pradesh government has cancelled an agreement with Unitech Ltd for the Integrated Vizag Knowledge City for failing to meet targets and has forfeited Rs 255 crores paid for the land.
The state government ratified the action of the APIIC (Andhra Pradesh Industrial Infrastructure Corporation Ltd) to cancel the agreement with Unitech for development of Integrated Vizag Knowledge City and forfeiture of the amounts paid by the company for non-implementation of the project, as per a government order.
APIIC, in the year 2008 had entered into an agreement with Unitech for developing the knowledge city complete with world-class facilities like environment-friendly buildings, star hotels, facilities for leisure tourism, international golf courses, shopping complexes and an integrated eco-friendly township on an area of 1,750 acre. However, the company made no physical progress to comply with the terms were made by the company, the GO said.
( Source : deccan chronicle )
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