The new building of Tech Mahindra, Cyber Tower, taken on lease by AP Electronics and IT Agency (APEITA) will be inaugurated by State IT Minister Nara Lokesh on August 24.

According to APEITA officials, Lokesh has agreed to inaugurate the superstructure located in the heart of the city. The building has one lakh sq ft space. APEITA has leased the 11-storeyed tower to promote investments in IT sector. Some of the units that have been allotted space with a slew of incentives under the IT Policy are start-ups. Patra BPO has been allotted two floors for its expansion project.

Space constraint To solve the problem of space constraint for allotment to investors with plug-and-play facilities, the state government has taken three more buildings on lease in the city. A building belonging to Mahati Software at Cyber Valley located at Rushikonda, which was subsequently converted into Fintech Tower, 24,000 sq ft at VUDA building at Seethammadhara and 35,000 sq ft at a commercial building on VIP Road have been taken lease.

APEITA is constructing Millennium Tower at Rushikonda near the Incubation Hut where two lakh sq ft of built-up area being created in a IoT-enabled cyclone-resistant superstructure at a cost of ₹180 crore. The construction is being executed through APIIC.

Another tower will come up at Siripuram as a joint venture by Software Technology Parks of India and Visakhapatnam Urban Development Authority for domain-specific IT units in petroleum, marine and energy sector. The Centre has allotted ₹44 crore to the project.

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