Ace Urban to set up 3,220-cr innovation technology park

Visakhapatnam: Ace Urban Infocity Ltd (erstwhile L&T Infocity) will set up a fully integrated innovation technology campus here with an investment of Rs3,220 crore. The facility, first of its kind in India, is expected to create 18,000 jobs in IT and ITeS innovation.

Ace Urban Infocity signed a Memorandum of Understanding (MoU) with Andhra Pradesh government at CII Partnership Summit here on Sunday. The MoU was signed in the presence of Chief Minister N Chandrababu Naidu.

The proposed innovation technology campus will facilitate global innovative companies for setting up futuristic centres of excellence (CoE) for research and implementation of cutting edge technologies like cloud computing, artificial intelligence, Internet of things and blockchain.

In 2016, Infrastructure giant Larsen & Toubro (L&T) sold its entire 89 per cent stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd. L&T Infocity played a crucial role in realising Naidu’s IT dream in Hyderabad 20 years ago when he was the Chief Minister of undivided state. 

L&T Infocity had built the iconic Cyber Towers, beginning the IT revolution in Hyderabad. It also built Cyber Gateway, another landmark IT facility. The company officials said 20 years later they’re working with Naidu to realise his dream of bringing world’s top innovation companies to Visakhapatnam by creating smart and digital infrastructure.