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The Andhra Pradesh (AP) government and the UK-based Eros Investments Limited (EIL), a subsidiary of NYSE-listed Eros International Plc, on Saturday inked a memorandum of understanding (MoU) to set up a multi-billion dollar Entertainment City (EC).
Chief minister N Chandrababu Naidu said this would give a huge fillip to tourism and create employment, infrastructure and usher in investments into Andhra Pradesh.
The proposed EC will comprise a media city, an amusement park, commercial and residential spaces, hotels and leisure and healthcare facilities.
The integrated media city will have pre-production, production and post-production facilities for film, television and advertising industries, according to an official press release.
The chief minister said it would house hospitality clusters and attract large number of tourists, which will bring in revenue in the service sector in the state. The project proposal submitted by EIL would be taken forward by the state tourism department.
EIL, which co-produces, acquires and distributes Indian language films in multiple formats worldwide, stated it would create the EC in association with Euromax Capital Limited, a boutique investment banking firm. It would also form strategic partnerships and collaborations with leading experts.
