Former CVC N Vittal partners Global Emerging Markets, Lepakshi.
Global Emerging Markets (GEM), a $3.4-billion alternative investment group having its presence in 55 countries, and former Chief Vigilance Commissioner N Vittal-promoted Gujarat Vittal Innovation City have entered into a joint venture with Andhra Pradesh-based Lepakshi Knowledge Hub to develop a green eco system for knowledge-based services, manufacturing, R&D and incubation activities.
To be developed on 2,500 acres allotted by Lepakshi from its 10,000 acre Knowledge Park located in Anantapur district bordering Karnataka, the project is expected to bring in investments of about Rs 5,000 crore in the initial phase. The joint venture will invest about Rs 150 crore in roads and other infrastructure in the proposed initiative in the next six months.
“We are happy to announce that with this partnership between Global Emerging Market, Vittal Innovation City and Lepakshi Knowledge Hub, our dream to transform India’s most backward region of Anantapur into a global knowledge hub becomes a reality. Involvement of people like Gururaj, a veteran from the electronic industry, and N Vittal himself will add immense value to this prestigious mega project,” S Balaji, managing director of Lepakshi Knowledge Hub, said in a press release.
“We appreciate Lepakshi Knowledge Hub for including the local community in their endeavour to build a world-class project and feel extremely proud to associate with them in this mega project,” said Gulshan Jhurani, director, GEM.
According to the release, GEM and Vittal-led Innovation City have prepared a concept master plan, which proposes to set up IT, ITeS units, advanced technology electronics city, defence electronics zone, integrated freight and logistics corridor among a host of other clusters across 2,500 acres.