The government has agreed to allot 75 acre for the project near Jawahar Nagar, on the outskirts of the city and near the BITS Pilani campus, according to a release.
The AP government had extended an invitation to the management institute to set up its campus in the state three years ago. Chief minister K Rosaiah renewed the efforts by writing to XLRI in August this year.
The XLRI governing board took the decision on September 4.
The visiting delegation included XLRI director E Abraham, dean CL George and Loyola Academy rector GAP Kishore. Abraham said the institute would create facilities to maintain its brand value.
Vishal Goel of Alexandria, a US pension fund house, had in-principle agreed to finance the XLRI’s proposed campus at a much less rate of interest compared with any commercial bank in India.
Nearly 1,00,000 students appear for the entrance examination of XLRI, which has just 240 seats to offer. With the proposed Hyderabad campus, the institute would augment the intake of students.
Principal secretary to chief minister B Sam Bob and AP Invest chief executive officer Madireddy Pratap were also present.