A state-of-the-art integrated science city will come up in Andhra Pradesh's drought-prone Anantapur district with an investment of $25 billion over 10 years by a consortium of four Australian and Singaporean companies.
The Odyssey Science City would come up on 65,000 acres of land between Odicheruvu and Ammadiguda in Anantapur, about 400 kms from Hyderabad.
A memorandum of understanding (MoU) for developing the city was signed in Hyderabad on Thursday between the state government and the consortium, which comprises Springfield Land Corporation and Macquarie Bank from Australia and Singapore's Juron International Group and Semb Corp Industries.
The consortium will invest about $3 billion in the next three years to build the ultra-modern integrated township on 10,000 acres.
The project envisages a self-contained, hi-tech complex with its own comprehensive infrastructure, including power, expressways, telecom networks, desalination plants, biotech parks, special economic zones, IT/biotech parks, industrial parks, hospitals, educational institutions, hotels and amusement parks.
It will become a national centre for IT and supercomputing, biotechnology, artificial intelligence, robotics, high-tech manufacturing industries, export oriented centres, media and telecommunications, tourism and entertainment, medical and health and finance and banking.
The project will provide a platform to 500 companies to establish their branches in every field of manufacturing, travel, commerce, financial services, retailing and transportation.
According to Springfield Land Corporation Managing Director Bob Sharpless, the project would provide direct employment to 1.5 million people and indirect employment to another million.
Springfield is planning to replicate the Greater Springfield model of Australia, claimed to be world's only master planned edge city.
It would be financed entirely by the consortium and the government's support would be required in areas like provision of land and water on commercial terms.
"We are excited about the announcement of Odyssey Science City in an area that has been traditionally drought-prone and backward," said Chief Minister YS Rajasekhara Reddy.
Jurong Infrastructure (India) CEO Rao Munukutla said they planned to build world's tallest structures in the science city. He said proximity to the Karnataka capital Bangalore, about 200 kms away, was one reason for setting up the project in Anantapur district.