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India Tourism Development Corporation (ITDC) has bagged its first ever private infrastructure project as it signed an MoU with a Hyderabad-based firm for developing a mega tourism destination project in Andhra Pradesh, according to a statement from the Tourism Ministry today.
ITDC signed the memorandum of understanding (MoU) with Suraas Impex Pvt. Ltd. for the Rs 550-crore project which will be located at Bhairav Lanka in Kakinada, East Godavari district of Andhra Pradesh.
This is the first-of-its-kind project for the state-owned ITDC, which bagged the project beating several private contenders, the statement said.
ITDC will be the consulting agency as well as implementing agency for the project and the execution will be taken up in three stages.
ITDC has completed 67 infrastructure projects for the Ministry of Tourism, Ministry of Culture and various state governments so far. The division has also prepared more than 85 detailed project reports for various tourism projects in the country.