The Andhra Pradesh government has reportedly taken a decision to take back the land allotted to the Vanpic (Vadarevu and Nizampatnam Port & Industrial Corridor) project in the Guntur and Prakasam districts.
This decision was announced by finance minister Yanamala Ramakrishnudu after the cabinet sub-committee meeting on corruption yesterday. About 18,000 acres of land was acquired by the Vanpic promoters and the case is currently being investigated by the CBI.
The Kiran Kumar Reddy government had already cancelled the deal signed with Vanpic citing Centre's refusal to endorse the project as reason. Now the TDP government has reportedly decided to take back the land acquired for this project. The Vanpic deal was inked between the state, Ras Al Khaimah Investment Authority and Matrix Export Holdings Pvt. Ltd owned by Nimmagadda Prasad in 2008 for building a port-cum-industrial corridor with an investment to the tune of Rs 16,000 crore in over 25,000 acres.
The Vanpic was envisaged as port-based integrated industrial cluster spread over 83 sq km in Prakasam and Guntur districts including agro and marine park, energy park, pharma and textile park, automobile park and port-based free-trade zone for generating more than 64,000 jobs and over 5,00,000 indirect employment or the local people.
