Vuda to set up Imax multiplex

Visakhapatnam Urban Development Authority (Vuda) has decided to set up an Imax multiplex and food courts complex in an area of seven acres, part of the old jail premises, in the heart of the port city.

Vuda is going to call for expression of interest (EoI) to develop the Imax multiplex and food courts' complex shortly. The proposed project would involve an investment of close to Rs 40 crore.

The state government has already handed over the entire 28-acre jail premises to Vuda. Of the 28 acres of land, Vuda has proposed to develop the Imax multiplex and food courts' complex in about seven acres of land with the help of private investors.

The remaining land would be developed into a thick urban jungle with walkouts, jogging tract and vehicular parking area.

"We are going to call expression of interest to attract investors in our proposed Imax multiplex complex project.

Vuda will give the land for the proposed project and the private investors should invest money in the construction and maintenance of the complex. The proposed project would cost anywhere between Rs 30 crore and Rs 40 crore," D Varaprasad, vice-chairman of Vuda, told Business Standard.

"Some investors, who are into similar businesses, have already evinced interest to invest in the project. We are expecting a good response for our EoI, which will be called in March. We expect the project to be completed next year," he said.