The new building of Tech Mahindra - Cyber Tower - taken on lease by AP Electronics and IT Agency (APEITA) is to be inaugurated by State IT Minister Nara Lokesh on August 24.

According to APEITA officials, Lokesh has agreed to inaugurate the super-structure located in the heart of the city. The new building has one lakh sft.

The space at the 11-floor (including parking space in basement) with State-of-the-art facilities has been taken on lease by APEITA to encourage investments in IT sector. Some of the units, which have been allotted space, with a slew of incentives under the IT Policy are startups. Patra BPO has been allotted two floors for its expansion project.

Space constraint : To solve the problem of space constraint for allotment to investors with plug and play facilities, the State Government has taken in addition to Tech Mahindra’s new facility three buildings on lease in the city. A building belonging to Mahati Software at Cyber Valley located at Rushikonda which was subsequently converted into Fintech Tower, 24,000 sft at VUDA building at Seethammadhara and 35,000 sft at a commercial building on VIP road have been taken lease.

APEITA is constructing Millennium Tower at Rushikonda near the Incubation Hut where two lakh sft of built-up area is being created in a IoT-enabled cyclone-resistant super-structure at a cost of Rs.180 crore. The construction is being executed through APIIC.

Another tower will come up at Siripuram as a joint venture by Software Technology Parks of India and Visakhapatnam Urban Development Authority for domain-specific IT units in petroleum, marine and energy sector. The Centre has allotted Rs 44 crore to the project.