Vizag Beach Resorts plans Rs 2,000-crore tourism project

Vizag Beach Resorts Private Limited, a newly promoted company by non-resident Indians, foreign investors and bankers from UK, US, Middle East and other countries, has proposed to develop a comprehensive tourism project at Visakhapatnam at an estimated cost of Rs 2,000 crore.

The company, represented by its chairman Pradeep Sabharwala, has signed an MoU with the state tourism department, which would provide 1,000-1,200 acres of land along the beach near the city for the development of the project.

The proposed project, 'Destination Vizag', would be a world-class hospitality, leisure, lifestyle and entertainment centre, and will have a five-star hotel, hotel complexes, golf courses, health spa, multi-theme parks, therapeutic dolphin park, convention and exhibition centres etc.

According to a tourism department official, the company has agreed to submit a detailed project report in the next one month and would complete the formalities in another six months to firm up the plans. The government will give the required land in a phased manner as the project progresses, the official said.

Vizag Beach Resorts, with their network partners from US, UK, Spain, Kuwait and Dubai, would take up the development of the proposed project, which is estimated to provide employment to 10,000-12,000 people. The MoU was signed in the presence of chief minister Y S Rajasekhara Reddy.