AP government signs MoU to set-up Entertainment City

Few days ago, media was abuzz with the reports that AP government has signed a MoU with a foreign company for setting-up a theme park like Disney Land at Vizag. Here is the latest update about that theme park.

AP government has signed a MoU with UK based Eros Investments Ltd., (EIL) on Saturday for constructing a similar project, but not Disney Land exactly. An entertainment city consisting cinema halls, pre and post production facilities for movie, TV and Commercial Ads making, theme parks, shopping malls, commercial and residential complexes, amusement park, hotels and leisure and healthcare facilities will be built by EIL.

EIL that is also engaged in film production and distribution businesses of Indian films in multiple languages worldwide will utilize this new facility for making Indian films. It also has plans to set-up a boutique investment banking firm in association with Euromax Capital Ltd. Apart from these activities, EIL will also form strategic partnerships and collaborations with the business firms in the state to take part in development of the city and state.

AP CM Chandrababu Naidu said once this project is started it will create lot of direct and indirect employment opportunities to the youth and to related sectors. He expects a multi fold increase in the state revenue with this project, as it will become a major tourist attraction in the state. Though, it is not revealed where this project is coming-up, Vizag may get it as it is already stood a benchmark for tourism in the state.