APIIC seeks to raise Rs 1,000 crore via monetising 400 acres of land

: The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) is seeking to raise about Rs 1,000 crore through monetisation of over 400 acres of its land parcels at different places in the state.

While 333 acres of high-in-demand' land will be offered for outright sale, about 45 acres will be given for development of commercial complexes, housing and warehousing projects in public-private partnership (PPP) mode.

As per the revenue augmentation plan drawn up by the APIIC, these two ventures are expected to garner Rs 900 crore to the corporation.

The APIIC Board has approved the plan.

We have now submitted the plan to the state government. Once the government approves it, we will go ahead with the auction of land parcels and also take up PPP projects, a top official of APIIC told PTI. With its operational revenue dipping from Rs 566 crore in 2019-20 to Rs 275 crore in 2021-22, the financial position of APIIC appears shaky.

On the other hand, it has many projects lined up for development that require huge funds.

As its reserve funds were taken away by the state government, through the AP State Financial Services Corporation, the APIIC is searching for alternative revenue sources to meet its needs and carry the projects forward.

We have, in fact, drawn up the revenue augmentation plan many months ago but there were no takers (industries). We have altered the plan so that lands could be sold for non-industrial activity as well, the official said.

Most of the high-in-demand lands are located in Visakhapatnam, Chittoor, Tirupati, Krishna and Anantapuramu districts.

Land parcels in Madanapalle, Chittoor, Tirupati and Vijayawada, where dilapidated buildings of APIIC exist, have been earmarked for building of commercial complexes in PPP mode.

These are expected to generate Rs 105 crore as per preliminary estimates.

In Anantapuramu district a warehousing project is proposed in PPP mode.

The Corporation will auction lands for outright sale in prime areas in Visakhapatnam like Gajuwaka and Madhurawada for both industrial and non-industrial purposes.

We have similar land parcels in Chittoor, Anantapuramu, Tirupati, Krishna and other districts which will be put up for sale for commercial, housing and non-industrial activity. This should generate close to Rs 700 crore, the official added.

The APIIC has also earmarked another 24.26 acres for building standard factory sheds and ready-built factory sheds and godowns. This could generate Rs 55 crore in the form of developer premium, the official added.