A multi-pronged investment project of developing a 'Knowledge City' near the temple town of Ujjain, has been altered as investment prospects has diminished in the education sector. Knowledge City of Ujjain was planned under ambitious Delhi Mumbai Industrial Corridor (DMIC) project. A special purpose vehicle (SPV) has already been formed.
"As area under 'Knowledge city' is 1,200 acres, investment size in education sector only will not be in such a huge proportion. So half of the area will go to industrial development," a well-placed state government said. "The project would now be renamed as Vikram Udyog Nagari in stead of Knowledge city. It is named after famous king Vikramaditya of Ujjain.
"The DMIC Trust has approved funding for the project. It will invest Rs 59.50 crore in equity of special purpose vehicle company along with debt component of Rs 372.80 core to develop key infrastructure.
The state government will invest in the form of land in the equity. The SPV has already been created as Vikram Udyogpuri Company Ltd.," the official said.
The project is coming up on Dewas-Ujjain Road near Narwar village. Unlike earlier plans, the project will have industrial manufacturing, residential, commercial, public and semi-public buildings and educational institutes like medical colleges, engineering colleges, Industrial Training Institutes (ITIs) and others. "The project cost has been estimated at Rs 808.60 crore and it would start operation by 2016-17," the official said.
Earlier, the entire area of 442 hectares was to be develop as 'Knowledge City' with specialised faculty-led clusters such as engineering, business and management studies, medical studies, bio-sciences and agriculture studies, environmental and design faculty, vocational and skill development studies and other education streams.
The entire project had built up space of four million square meter with an expected investment of Rs 11,000 crore to Rs 13,000 crore. "It is expected to create 78,000 jobs with a residential population of 56,000 people. As many as 16,000 students would get education each year here," the official said.
Another project of the Madhya Pradesh government along the DMIC was the Ratlam-Dhar-Mhow-Pithampur-Dewas project.