Hyderabad: India’s first coastal corridor Visakhapatnam-Chennai Industrial corridor (VCIC) is ready to take off. The AP Government has given administrative sanction to this project and estimated the cost to be around Rs 3187.80 crore. Asian Development Bank (ADB) has provided a loan of Rs 2442 crore and in addition has given a grant of Rs 33 crore. AP Government will be contributing Rs 712.80 crore towards the funding.
The objective of this project is to enhance industrial growth and create high quality jobs. The VCIC has proposed a node centric development platform with four nodes, namely, Visakhapatnam node, Kakinada node, Amaravati region node and Yerpedu- SriKalahasthi node. AP Government is expecting Rs 1 lakh crore investments in this corridor.
The state level Project Steering Committee constituted at the apex level for VCIC, will oversee and monitor the overall progress of the program. The Department of Industries and Commerce is the executing agency and a Program Management Unit (PMU) under the Commissioner of Industries is responsible for planning, implementation, monitoring, supervision and coordination of all activities under the VCIC. Project Implementation Units (PIUs) have been established in AP Industrial Infrastructure Corporation, AP Road Development Corporation, AP Transmission Corporation and Greater Visakhapatnam Municipal Corporation.
