APIIC mulls monetising 400 acres to raise Rs 1K cr

Amaravati: As part of revenue augmentation plan, the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) is seeking to raise about Rs 1,000 crore by monetising over 400 acres of its land parcels at different areas in the state.

Sources said that 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 plan drawn up by the APIIC, these two ventures are expected to garner Rs 900 crore to the corporation.

With its operational revenue dipping from Rs 566 crore in 2019-20 to Rs 275 crore in 2021-22, the financial position of the APIIC appears shaky. Monetisation of land has become necessary as its reserve funds were taken away by the state government, through the AP State Financial Services Corporation. The revenue from the land sales will be used for non-industrial activity as well.

Most of the high-in-demand lands are located in Visakhapatnam, Chittoor, Tirupati, Krishna and Anantapur districts. Land parcels are in Madanapalle, Chittoor, Tirupati and Vijayawada.