Hyderabad, Oct 1 (UNI) The Andhra Pradesh Cabinet today approved the allocation of 447.03 acre of land on the city outskirts to IT major Infosys Technologies Limited for setting up two Special Economic Zones (SEZ) at a cost of Rs 1,250 crore.
Information Minister A Ramanarayan Reddy told reporters tonight in a post-Cabinet briefing that Infosys would set to two SEZs at Pocharam in neighbouring Ranga Reddy District generating 25,000 IT jobs.
The allocation of land at Rs 12 crore per acre was in lieu of 550 acre of land allocated earlier but subsequently embroiled in litigation.
The Cabinet also ratified a Memorandum of Understanding entered into by the Industries Department with SemIndia Inc, USA providing among other things 100 acre of land at a nominal cost of Re one for 66 years.
It also approved Rs five lakh per acre as compensation for those whose land had been acquired for the expansion of the SEZ and part of the Petrochemical and Petroleum Investment Region (PCPIR) by the Union Government in Visakhapatnam District, he added.