In what is considered one of India’s largest foreign investments in entertainment sector, the truncated state of Andhra Pradesh bagged a multi-billion dollar Entertainment City. If reports are to be believed, the Entertainment City, which comprises media city, an amusement park, commercial and residential spaces, hotels and leisure and healthcare facilities, will be built with humongous $ 5-10 billion dollar (approximately Rs 30,000 to 60,000 Crore).
The integrated media city will have pre-production, production and post-production facilities for film, TV and advertising industries. Renowned UK firm Eros Investments Ltd, a subsidiary of NYSE-listed Eros International Plc, has come forward to this and even signed a Memorandum of Understanding (MoU). The minimum investment would be $ 5 billion dollars and it would go upto $ 10 billion dollars. Buzz has it that the entertainment city would be set up near port city Visakhapatnam.
In a statement released by Chief Minister’s office, Chandrababu Naidu said the proposed investment by Eros would give huge boost to tourism and thus create employment, infrastructure and draw more investments into Andhra Pradesh, besides helping the services sector in the state earn revenues. On other hand, another Qatar-based Altani group is all set to dole out $ 10 billion (Rs 61,835 Crore) for the infrastructure in the new capital city.
A top management team of Altani group, with interests in roads, power and construction, has evinced interest in investing at least $10 billion, mostly in taking up projects for the state’s proposed new capital city between Vijayawada and Guntur. AP Communications Officer Parakala Prabhakar said, ‘The talks are in nascent phase. Yes, Qatar’s Altani group is interested in laying roads and other constructions, power generation. Their participation in projects will be worked out later through MoUs, agreements.’