MoU signed for $25 bln India property development project in Andhra Pradesh A consortium comprising of real estate developers Jurong International from Singapore and Springfield Land of Australia has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh government to develop an integrated science city on 65,000 acres of land between Odicheruvu and Ammadiguda in Anantpur district of Andhra Pradesh. The location is just 200km from Bangalore and 400km from Hyderabad.
The MoU was inked by KRK Reddy, Additional Secretary (Industries), on behalf of the Andhra Pradesh government and Bob Sharpless, Managing Director, Springfield Land Corporation, in the presence of Chief Minister YS Rajasekhara Reddy in Hyderabad. The project is expected to provide direct and indirect employment to 2.5 million people.

The government is to hand over 25,000 acres of land in the first phase and the balance subsequently.

The Odyssey Science City will provide state-of-the-art infrastructure for technology-based industries such as IT, biotech, artificial intelligence, and the bio-pharma sectors.

A $3 billion investment will see a modern township developed on 10,000 acres of land within the next three years. The consortium which also includes Macquarie Bank and Semb Corp Industries envisages an investment of $25 billion over 10 years.