Asian Development Bank (ADB) had prepared Conceptual Development Plan (CDP) for Vizag-Chennai Industrial Corridor (VCIC) and four nodes namely (i) Visakhapatnam, (ii) Machilipatnam, (iii) Donakonda and (iv) Chittoor were identified for development. Amongst these nodes, Visakhapatnam and Chittoor have been prioritized by the Government of Andhra Pradesh (GoAP). Initial master planning of these two nodes were also completed by ADB. As per the proposal of GoAP, National Industrial Corridor Development and Implementation Trust (NICDIT) in its meeting held on 30th August, 2019 has accorded its approval for development of Vishakhapatnam and Chittoor as priority nodes in phase-1 of VCIC.
The loan has been agreed between State Government and Asian Development Bank (ADB). ADB has approved USD 631 million (in loans and grants) for VCIC, comprising a Multi-Tranche Financing Facility (MFF) as follows:
Since the project is presently under development stage, time for commencement for construction of the project cannot be ascertained.
This information was given by the Minister of Commerce and Industry, Piyush Goyal, in a written reply in the Lok Sabha today.