Financial Daily from THE HINDU group of publications
Thursday, May 18, 2006
Financial Daily from THE HINDU group of publications Thursday, May 18, 2006 |
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Industry & Economy
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Tourism States - Andhra Pradesh Visakha Beach plans mega tourism project Our Bureau
UTI Bank and IDFC had already come forward to participate in the project to the extent of Rs 2,000 crore
Visakhapatnam , May 18 Visakha Beach Resorts is planning a massive tourism project here at an estimated investment of Rs. 2,000-3,000 crore to promote Vizag as a hot destination and attract 1.5-2 lakh tourists from abroad, mainly from Europe. Mr Pradeep Sabharwal, a spokesman of the consortium, said here on Tuesday that an MoU had been signed with the State Government six months ago and since then, he had been on the job, working out the arrangements with the various partners. ``Visakhapatnam has the potential for becoming a great tourist destination, but we have to build the infrastructure. We need to build five-star hotels, golf links and various other facilities to attract tourists. "There is also great scope for promoting medical tourism and eco-tourism. We have drawn up the blueprint and submitted it to the State Government. Once the land is allotted, the work will commence,'' he said.
Feasibility report
He said the UTI Bank and IDFC had already come forward to participate in the project to the extent of Rs 2,000 crore and several other financial institutions were also keen on investing in it. "KPMG is doing the feasibility report and we have tied up with Intercontinental Hotels. We have struck deals with two major travel operators. We are confident of raising the required finances and putting everything in place,'' he said. Exuding confidence that the project would come through, Mr Sabharwal said roughly 1,000-1,200 acres of land would be required for the project, but not all of it at one location. If all these projects come up at one place, there would be tremendous pressure on the existing road network and other basic amenities. "We do not want that. We do not want the project to cause any kind of disruption. It should blend into the local scenario and ambience,'' he said. He said the State Government had responded positively and he expressed the confidence that the land would be provided. "We want the State Government to be an equity partner, as it is providing the land,'' he said.
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